Seoul, Mar 22 (IANS): SsangYong Motor Co on Wednesday changed its name to KG Mobility to transform itself into a future mobility solutions company.

SsangYong Motor finalised the name change at a shareholders' meeting to focus on the electric vehicle platform, software defined vehicle, autonomous driving and artificial intelligence for survival amid an accelerating electrification push.

The Seoul Bankruptcy Court approved SsangYong's debt payment plans in August after the court picked a local consortium led by chemical-to-steel firm KG Group as the final bidder to acquire the debt-laden company in June, reports Yonhap news agency.

A Seoul court in August last year approved SsangYong Motor's rehabilitation plan with 'overwhelming' support from creditors and other related parties, paving the way for the carmaker to get its business back on track.

In 2011, Mahindra acquired a 70 per cent stake in SsangYong for 523 billion won.

In October, SsangYong graduated from the court-led debt rescheduling program 1 1/2 years after it was placed under court receivership.

SsangYong Motor originated from Ha Dong-Hwan Motor Workshop in January 1954 and its name was changed to Dong-A Motor Co. in 1977 and SsangYong Motor in 1988.

The SUV-focused carmaker's lineup consists of the Torres, Tivoli, Korando, Rexton and Rexton Sports SUVs.

It plans to launch the Torres EVX all-electric model based on the Torres SUV later this year and other upgraded models throughout the year.