SK Telecom has effectively exited the urban air mobility (UAM) business after disposing of two-thirds of its stake in U.S. UAM manufacturer Joby Aviation.
On March 18, SKT said it sold 66.6 percent of its Joby Aviation shares in the fourth quarter of last year. The remaining stake shrank to 0.7 percent from 2.1 percent. SKT previously invested about $100 million, or about 148.7 billion won, in Joby Aviation in June 2023 and formed a strategic partnership.
The industry views the stake sale as a step toward exiting the UAM business. SKT pursued the UAM business in South Korea jointly with Joby Aviation based on the strategic partnership.
The industry analysis is that the move aims to concentrate resources on its core businesses of artificial intelligence (AI) and telecommunications as the business environment has changed at home and abroad. No specific plan has been set yet for any future sale of the remaining stake.
SKT said it sold the stake in line with a companywide management strategy shift to focus capabilities on its telecommunications and AI businesses.
Jin-ho Lee
jhlee26@d-today.co.kr