Chery to Invest $75M in South Korea's KG Mobility
China-based automaker Chery Automobile is set to invest $75 million in convertible bonds issued by South Korean carmaker KG Mobility. The investment aims for a potential stake of up to 10% if the bonds are converted into equity, as outlined in an agreement signed on Sunday. This strategic move marks Chery's expansion efforts beyond its domestic market and reflects growing cross-border investments between Chinese and South Korean automotive firms. KG Mobility will issue convertible bonds that will be fully acquired by Chery under this deal.
Topics: automotive convertible bonds international expansion investment