SK Telecom and Uber to form ride-hailing joint venture

Uber and SK Telecom (SKT) are launching a new joint venture designed to create opportunities in the taxi-hailing market in Korea and explore new areas, including future mobility services.

Uber will invest over $100 million in the joint venture, plus another $50 million in T Map Mobility – SK Telecom’s newly-independent mobility business.

A statement says that the joint venture will promote e-hailing in Korea by combining T Map Mobility’s network of drivers and mapping technology with Uber’s ride-hailing technology and global operations expertise.

The joint venture is expected to begin operations, and Uber is expected to invest in T Map Mobility, in the first half of 2021.