Korean Air to join 'UAM business'; 5 companies including Hyundai Motor and KT sign an MOU partnership

Seoul [South Korea], November 17 (ANI/Global Economic): S. Korean companies will strengthen the cooperation to speed up the commercialization of UAM (Urban Air Mobility), which is expected to grow to 730 trillion won in the global market by 2040.
Hyundai Motor announced that it signed an MOU with Korean Air, Incheon International Airport Corporation, Hyundai Engineering & Construction (Hyundai E&C), and KT at the Incheon Paradise City Hotel on the 16th, and agreed to cooperate in the successful establishment of domestic UAMs and its ecosystem, and revitalization of industries.
At the event, officials from the five companies, including Hyundai Motor President Shin Jae-won, Korean Air President Woo Ki-hong, Hyundai E&C President Yoon Young-joon, Incheon International Airport Corporation President Kim Kyung-wook and KT President Park Jong-wook, attended.
This partnership was initially signed by Hyundai Motor, Incheon International Airport Corporation, Hyundai E&C, and KT in September last year, and updated this time as Korean Air newly joined the partnership. The cooperation partnership includes establishment of the UAM ecosystem and promotion of social acceptance, establishment of UAM project cooperation roadmaps and demonstration, and joint activities of K-UAM roadmaps and UAM Team Korea.
These five companies are planning to promote the core projects based on their expertise.
Hyundai Motor will develop a commercialization model, encompassing development, production, sales, operation, maintenance, and platforms of UAM, and supports UAM test flight.
Korean Air will develop UAM operation and control systems, and UATM (Urban Air Traffic Management) system based on its technologies in the fields of manned/unmanned aircrafts development and maintenance, and will study a passenger and logistics transportation service business model.
Through this, Korean Air is planning to create the UAM ecosystem and establish a suitable business model for the domestic environment, while establishing an operation, control, and traffic management systems to provide integrated operation services.
Hyundai E&C will develop technologies for designing and constructing the structure and facilities of 'Vertiport,' a UAM vertical landing site, and will study the concept of a mobility hub connected to Vertiport and ground transportation.
KT is planning to develop UAM communication infrastructure and data platforms, and to conduct mobility business model research and the UATM system development & demonstration.
Incheon International Airport Corporation is in charge of building and operating UAM infrastructure in Incheon International Airport, and is planning to promote research on airport shuttles and UATM operations.
In June last year, the Ministry of Land, Infrastructure and Transport previously launched the public and private-led partnership 'UAM Team Korea' with private companies, including Hyundai Motor, Hanwha System, Korean Air, SK Telecom, and Doosan Mobility Innovation. (ANI/Global Economic)