To Launch Ride-hailing Joint Venture in 2021
Uber Technologies, a U.S. ride-hailing company, will invest more than US$150 million in SK Telecom’s mobility businesses.
Uber said in a joint statement with SK Telecom that it plans to invest US$50 million in T-map Mobility Co., a mobility business spinoff from SK Telecom to be launched on Dec. 29, and another US$100 million in a joint venture it will launch with T-map Mobility in the first half of 2021.
SK Telecom said it expects the joint venture to provide an innovative taxi-hailing business based on T Map and Uber's global experience in ride-hailing services. T Map is Korea’s No. 1 mobility platform with approximately 12.5 million monthly active users. Based on the app, SK Telecom also provides navigation, taxi-hailing and parking services.
The joint venture with Uber is expected to expand SK Telecom’s current mobility services and focus on self-driving technology based on SK Telecom's 5G network.
SK Telecom is expected to foster the joint venture as a flagship of SK Group's self-driving and sharing economy businesses, an industry analyst said.