Edison Motors chief executive Kang Young-kwon told TheElec that the company plans to form joint ventures with global automobile companies after the completion of its acquisition of Ssangyong Motor.
Last week, Ssangyong Motor was sold to a consortium led by Edison Motors for 304.9 billion won.
After this acquisition is completed, Edison Motors will form companies like Ssangyong across the global to expand its production of electric vehicles, Kang said in an interview.
It was in talks with local automobile companies in Japan, the US, Europe and India to set up such subsidiaries, the chief executive said.
Kang claimed that the company could beat Tesla in the long run by combining Edison Motors’ technology in electric vehicles and Ssangyong Motor’s 60-year history in the automobile sector.
Edison Motor is aiming to have Ssangyong Motor manufacture 300,000 electric vehicles and combustible engine vehicles per year by 2025 and 500,000 by 2030, the CEO said.
Ssangyong Motor will be able to break even once it begins selling over 200,000 vehicles per year, Kang said.
Combined with various joint ventures to expand production volume, the company could be manufacturing 6 million to 10 million units per year, becoming a global conglomerate, Kang added.