SEOUL, Sep 20, 2020, The Korea Times. Hyundai Motor, KT, Incheon International Airport Corporation (IIAC) and Hyundai Engineering & Construction will team up for air taxi service pilot projects here, which will begin as early as 2025, The Korea Times reported.
According to Hyundai Motor, Sunday, the four companies signed a memorandum of understanding (MOU) on commercializing urban air mobility (UAM) services nationwide.
The MOU states they will jointly pursue the establishment and operation of unmanned aerial traffic management, UAM landing ports and services connecting UAM and other mobility services.
The MOU is in part of Korea’s initiative to commercialize UAM services by 2025. From 2022, the companies will participate in pilot projects.
Hyundai Motor will be in charge of the development, sales, flight and maintenance of the UAM vehicles. IIAC will establish the overall aerial infrastructure for the UAM service and operate it as an airport shuttle. Hyundai E&C will design landing ports while KT will focus on communication infrastructure and developing unmanned aerial traffic management system.
Hyundai Motor said the MOU will provide momentum for its effort to develop and commercialize air taxi services. Earlier this year, the company showcased its concept air vehicle, the S-A1, during the Consumer Electronics Show in Las Vegas.
According to the Ministry of Land, Infrastructure and Transport, the global UAM market will grow to 730 trillion won ($636 billion) by 2040, with that of Korea reaching 13 trillion won.
“To set up a UAM ecosystem in mega cities like Seoul, it is necessary to establish infrastructure and business models too,” Hyundai Motor’s UAM Division Head Shin Jai-won said. “The four companies, including Hyundai Motor, will use this MOU as a launch pad for its UAM ecosystem.”
By Nam Hyun-woo