This investment marks an expansion of the partnership between Joby and SKT, paving the way for the allaince in Korea’s “K-UAM Grand Challenge,” a program promoting aerial ridesharing.
Joby Aviation, a leading developer of all-electric aircraft for commercial passenger service, has announced a significant equity investment of $100 million from SK Telecom (SKT), South Korea’s leading telecommunications company. This investment marks an expansion of the partnership between Joby and SKT, paving the way for their collaboration in Korea’s “K-UAM Grand Challenge,” a demonstration program aimed at promoting aerial ridesharing in the country.
The partnership between Joby Aviation and SK Telecom positions Joby to capitalize on the immense potential of the Korean market, which has shown a strong commitment from the government to embrace aerial ridesharing. Joby’s participation in the K-UAM Grand Challenge demonstrates their dedication to developing a transformative air taxi service for Korea.
JoeBen Bevirt, the founder and CEO, Joby Aviation, said, “Our partnership with SKT places Joby in the best possible position to capitalize on the opportunity presented by the Korean market, where we continue to see a strong drive from the government to realize aerial ridesharing. We’re grateful for SKT’s commitment to Joby and look forward to working with them as we develop a transformational air taxi service for Korea.”
The strategic collaboration between Joby and SKT was initially established in February 2022 and was expanded to include TMAP, South Korea’s largest mobility platform, in May 2022. With this new investment, the partnership is expected to foster the development of further collaborations within Korea’s mobility ecosystem, under the leadership of SKT.
Ryu Young-sang, CEO, SKT said, “We will do our utmost to promote the demonstration and commercialization of urban air mobility in Korea, based on our partnership with Joby Aviation. This technology promises to greatly reduce customers’ travel time, and we look forward to turning Korea into a mobility powerhouse.”
The investment from SK Telecom not only provides Joby with additional financial resources but also reinforces the confidence and support of a prominent industry player. It solidifies Joby’s position as a key player in the development of all-electric aircraft and aerial ridesharing, enabling them to leverage SKT’s expertise and resources within the Korean market.
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The collaboration between Joby Aviation and SK Telecom represents a significant step towards realizing the vision of urban air mobility in Korea. By combining Joby’s cutting-edge aircraft technology with SKT’s telecommunications and mobility capabilities, the partnership is poised to drive innovation and transformation in the Korean transportation landscape.
