South Korean Regulator Approves LG Uplus and Kakao Mobility EV Charging Venture

The Fair Trade Commission (KFTC) has given the green light to a joint venture between LG Uplus and Kakao Mobility for operating electric car charging stations. The approval underscores the regulator’s confidence that the partnership will not hinder market competition.

LG Uplus, the nation’s third-largest mobile carrier, and Kakao Mobility, renowned for its leading taxi-hailing service Kakao T, jointly announced their intention to establish an EV charging joint venture. The move comes as South Korea is witnessing a steady rise in the adoption of electric vehicles.

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“The competition in the market for EV charging services is already active with multiple participants,” highlighted the KFTC, emphasizing that the collaboration is poised to enhance price competition, ultimately benefiting consumers. The regulator’s nod indicates its belief that the joint venture will contribute positively to the burgeoning electric vehicle sector in South Korea.

According to recent data, the number of electric cars in the country surged to 534,900 in 2023, constituting 2.1 percent of the total automotive market. This upward trajectory underscores a growing shift towards environmentally friendly transportation solutions.

Source: Kora Times