SEOUL, July 2 (Korea Bizwire) — LG Corp., the holding company of South Korea’s fourth-largest conglomerate LG Group, on Friday said it will invest 100 billion won (US$87.9 million) in Kakao Mobility Corp., the country’s leading taxi-hailing firm, for future growth.
LG said the investment will allow its affiliates, including LG Energy Solution Ltd. and LG Electronics Inc., to create synergy with Kakao Mobility and find new growth opportunities in the mobility sector.
LG Energy Solution, which makes electric vehicle (EV) batteries, has been trying to expand its business beyond manufacturing, offering battery management services and recycling of used batteries.
LG Electronics last year introduced EV charging station management solutions.
LG said it will discuss more long-term cooperation plans with Kakao Mobility, an affiliate of Kakao Corp. that runs the country’s leading mobile messenger app Kakao Talk.