SK Telecom to make $100M investment in Joby Aviation

Joby Aviation (JOBY) announced that SK Telecom (SKM) is making an equity investment of $100M in Joby, as part of an expanded partnership between the two companies. The agreement, executed on 27 June, paves the way for Joby to participate alongside SKT in Korea’s “K-UAM Grand Challenge.” The Challenge is a phased demonstration program, led by the Korean Ministry of Land, Infrastructure and Transport, which is designed to foster the adoption of aerial ridesharing in Korea. Joby and SKT first signed a strategic collaboration agreement in February 2022, which was expanded to include TMAP, South Korea’s largest mobility platform, in May 2022. This investment is expected to lead to the development of further partnerships across the mobility ecosystem in Korea, led by SKT.