The Korea Herald


Hyundai Motor Group, KT exchange W750b in shares for future mobility cooperation

By Kan Hyeong-woo

Published : Sept. 7, 2022 - 18:26

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Hyundai Motor Group Chairman Chung Euisun (left) and KT CEO Koo Hyun-mo Hyundai Motor Group Chairman Chung Euisun (left) and KT CEO Koo Hyun-mo
Hyundai Motor Group and KT have decided to exchange shares worth about 750 billion won ($541 million) to strengthen their partnership in the future mobility sector, officials said Wednesday.

According to the two companies, Hyundai Motor Group will acquire 7.7 percent of KT’s treasury stock while KT will acquire 1.04 percent of Hyundai Motor Group’s treasury stock and 1.46 percent of Hyundai Mobis’ shares.

The two companies decided to join hands in upgrading future mobility technologies in the sector of connectivity. Officials said the partnership will focus on securing 6G communication technology, which is required for autonomous driving.

Hyundai Motor Group and KT will work together to build infrastructure for advanced air mobility based on satellites. KT will build control towers and communication networks for navigation of air mobility. Hyundai Motor Group will develop air transportation and "vertiports" -- landing pads for flying cars.

According to officials, the companies will consider operating a future technology fund together for technological development cooperation. The companies plan to set up a business cooperation committee to activate new future projects and research. The companies will also collaboratively put efforts into discovering new businesses in the fields of data and software.

Hyundai Motor Group and KT have been partners for the government-led urban air mobility project since they forged a consortium in September 2020 with the goal of commercializing UAM by 2025.