Home / Business and Economy / Chery Invests $75M in KG Mobility for 10% Stake
Chery Invests $75M in KG Mobility for 10% Stake
3 Aug
Summary
- Chery Automobile will invest $75 million in KG Mobility.
- The investment will be made through convertible bonds.
- Chery could gain approximately a 10% stake in KG Mobility.
Chinese automotive manufacturer Chery Automobile is set to invest $75 million in South Korean automaker KG Mobility Corp. The financial support will be provided through convertible bonds, a move that signifies a significant strategic alliance.
Should these bonds be converted into shares, Chery Automobile would secure an ownership stake of approximately 10% in KG Mobility. This development marks a key step in Chery's expansion efforts and underscores KG Mobility's appeal in the international automotive market.
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