In this photo provided by LG Uplus Corp., its CEO Hwang Hyeon-sik (L) and Kakao Mobility Corp. CEO Ryu Geung-seon pose for a photo after signing a deal to set up a joint venture for the electric vehicle charging business at LG Uplus’ headquarters in Pangyo, south of Seoul, on June 30, 2023.
SEOUL, July 3 (Korea Bizwire) — LG Uplus Corp., South Korea’s No. 3 mobile carrier, said Monday that it has inked a deal with Kakao Mobility Corp., a mobility subsidiary of South Korea’s tech giant Kakao Corp., to set up a joint venture in a bid to make inroads into the electric vehicle charging station business.
Under the deal signed Friday, each company has invested 25 billion won (US$19 million) into the joint venture, with LG Uplus getting the managerial rights, according to LG Uplus.
The joint venture will seek approval from South Korea’s antitrust regulator later this year.
LG Uplus launched the EV charging service, VoltUp, earlier this year and streamlined other services as part of its strategy to expand its business portfolio to the burgeoning business.
Kakao Mobility has also offered mobile services for EV charging through its KakaoMap navigation platform.
The two companies said they expect the joint venture to take a leading position in the local EV charging market.
Nearly 400,000 electric vehicles were on the road as of end-2022, and the number is expected to shoot up to 4.2 million by 2030, according to data by the Ministry of Land, Infrastructure and Transport.
(Yoinhap)
