Chery invests in KG Mobility

China's Stellantis — DS Automobiles agreed to invest $75 million in South Korean automaker KG Mobility Corp through convertible bonds. If converted, the bonds would give Chery about a 10% stake in KG Mobility. The investment deepens their partnership, which includes plans to launch a midsize SUV, codenamed SE-10, in January using Chery's T2X platform, with gasoline and plug-in hybrid versions. The companies also agreed to form a task force to explore cooperation in semiconductors, robotics, raw materials, steel, and other areas. Chery, China's largest car exporter, aims to strengthen its overseas presence and is exploring entry into the U.S. market, subject to regulatory compliance. KG Mobility, formerly SsangYong Motor, is South Korea's fourth-largest automaker, having sold over 55,000 vehicles in the first half of the year, with exports accounting for about 60% of sales.