KT swapping shares with Hyundai Motor and Hyundai Mobis

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KT swapping shares with Hyundai Motor and Hyundai Mobis

KT is swapping 750 billion won ($540.5 million) of shares with Hyundai Motor and Hyundai Mobis, the companies said Wednesday.
The goal is to develop network technologies for future mobility, such as next-generation autonomous driving, KT said in a statement.
In the deal, the telecom company will get 1.0 percent of Hyundai Motor and 1.5 percent of Hyundai Mobis, with a combined value of 746 billion won. Hyundai Motor will get 4.7 percent of KT and Hyundai Mobis 3.1 percent.
The priority will be developing a 6G communication standard optimized for autonomous driving technology, according to the companies. Hyundai Motor, Hyundai Mobis and KT will work together in research and development as well as in running test operations.
The companies also plan to develop infrastructure for "advanced air mobility," which refers to the next-generation urban air mobility (UAM). KT, Hyundai Motor and Hyundai Mobis formed a consortium in September 2020 to participate in a government-led UAM project, with the goal of marketing the air taxi technology by 2025.
Aside from technological collaboration, the companies aim to work together in other businesses, such as increasing the number of electric vehicle (EV) charging stations using KT's network and infrastructure.
Possible joint projects include developing new content services for in-car entertainment features and establishing a fund to co-develop software and big data-related technologies.  
"Through this collaboration, we will lead the future mobility market," KT said in a statement.
The companies plan to operate a joint committee for a long-term partnership in a bid to facilitate the co-development of new businesses and technologies.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
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