To Set up Joint Venture with T-MAP Mobility
SK Telecom plans to establish a joint venture with T-Map Mobility to jump into the urban air mobility (UAM) business.
T-Map Mobility is a subsidiary of SK Square, an investment company that was spun off from SK Telecom in November.
Through the joint venture company, the two companies will launch a telecommunication and platform service business that holds the key to the commercialization of UAM. SK Telecom will set up an aviation network for communication between ground control centers and aircraft, while T-Map Mobility will establish a boarding and transfer service platform where people can take air taxis.
Since January, SK Telecom has been developing this business by forming the K-UAM Dream Team with Hanwha System, Korea Airports Corp., and the Korea Transport Institute. The wireless carrier intends to set up a joint venture with T-Map Mobility to create a synergy effect. It will make their collaboration easier.
The two companies are expected to significantly ramp up investment in UAM-related businesses after establishing the joint venture as other companies have recently jumped into this business. KT, a telecommunication business rival of SK Telecom, forged a partnership with Korean Air, Hyundai Motor, and Hyundai Engineering & Construction to promote UAM business. T-Map Mobility's rival Kakao Mobility announced its entry into the UAM market through its parent company Kakao in November.
Morgan Stanley, a global investment bank, forecast that the global UAM market will grow from 7 billion won in 2020 to 1,750 trillion won in 2040.
The Korean government is also determined to support the UAM industry. The government's goal is to introduce commercial UAM services in 2025.