South Korean mobile carrier SK Telecom has clarified its ambitious vision on the domestic mobility market in collaboration with U.S. car-sharing service provider Uber Technologies Inc. A joint venture led by the two tech companies will launch a subscription-based package with various kinds of mobility services such as vehicles for hire and designated driving put together in it. Taking a longer-term view, SK Telecom will seek to differentiate from its competitors by making a “flying car” project a reality.
South Korea’s dominant telecommunications provider decided in a meeting of its board of directors on Thursday afternoon to form a joint venture dedicated to mobility service while confirming that Uber will invest 150 million dollars in the project according to its announcement on Friday.
SK Telecom plans to found a new business on Dec. 29, tentatively named T map Mobility Inc., that includes the company's existing mobility division in charge of T map and T map Taxi. Uber will acquire five to six percent of shares with an investment of 50 million dollars in the new JV.
The ultimate goal of T map Mobility Inc. is to equip all kinds of vehicles across the nation with T map. The new JV seeks to broaden the horizons of T map by developing various services such as parking, ads, insurance-related products and in-vehicle payment. Furthermore, a subscription-based discount system will encompass car rentals, vehicle-sharing, taxis for hire, motorized scooters, bicycles, designated driving and parking to provide users with discount benefits.
T map Mobility Inc. aims to earn 600 billion won in sales and increase its corporate value to 4.5 trillion won by 2025.