Kia Motors forms new EV company with CODE42.ai

Kia Motors' President and CEO Song Ho-sung, left, talks with CODE42.ai's founder and CEO Song Chang. [KIA MOTORS]

Kia Motors, Korea’s No. 2 automaker by sales, has formed Purple M with CODE42.ai. The new company will be dedicated to electric vehicle (EV) mobility.

No shareholding breakdown was given for the venture, and the total capital was not disclosed.

The new company will utilize CODE42.ai’s Urban Mobility Operating System (UMOS), which offers various services related to EVs, including ride-hailing, car-sharing, on-demand taxis and delivery.

The automaker explained that while interest in EVs has risen in Korea in recent years, mobility services are still limited to vehicles powered by internal combustion engines. The new company will be able to create opportunities with the customer base of Kia Motors and CODE42.ai’s technology.

Song Chang, founder and CEO of CODE42.ai, will serve as the chairman of the company, while Seo Young-wu, a former CEO of Poolus, a carpooling company which recently shut down its service due the unfavorable environment, will serve as Purple M’s CEO.

“Our goal is to accelerate the era of electric vehicles through Purple M,” said Song of CODE42.ai. “The integrated mobility and logistics platform UMOS will be central to building an e-mobility ecosystem encompassing everything from infrastructure to services.”

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]