Hyundai Motor Promotes Commercialization from UAM Development to Maintenance... Supports Test Flights for Demonstration Project
At the business agreement ceremony held on the 18th at the Incheon International Airport Corporation headquarters, (from left) Jeon Hong-beom, Vice President of KT; Shin Jae-won, Vice President of Hyundai Motor Company; Baek Jeong-seon, Head of Passenger Division at Incheon International Airport Corporation; and Seo Kyung-seok, Vice President of Hyundai Construction, are taking a commemorative photo after signing the MOU. (Photo by Hyundai Motor)
[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company announced on the 20th that it has signed a Memorandum of Understanding (MOU) with Incheon International Airport Corporation, Hyundai Engineering & Construction, and KT to promote Korea Urban Air Mobility (K-UAM) and conduct test flight demonstrations.
The four companies held a signing ceremony at the Incheon Airport Corporation headquarters on the 18th and agreed to cooperate for the development of the domestic UAM industry. According to this agreement, they will collaborate on ▲joint promotion and cooperation of the K-UAM roadmap ▲joint participation in the K-UAM Grand Challenge ▲joint research and cooperation on construction and operation of takeoff and landing sites ▲monitoring and sharing of key technology and market trends.
Earlier, the Ministry of Land, Infrastructure and Transport launched the public-private participation consultative body 'UAM Team Korea' in June to promote the K-UAM roadmap, and decided to conduct the 'K-UAM Grand Challenge,' a large-scale public-private joint demonstration project from 2022 to 2024, ahead of the domestic commercialization of UAM in 2025. This cooperation is being promoted in connection with the K-UAM roadmap and the K-UAM Grand Challenge.
Each of the four companies will leverage their expertise to focus on key projects. Hyundai Motor will promote commercialization encompassing UAM development, manufacturing, sales, operation, and maintenance, and support test flights in the UAM demonstration project. Incheon Airport Corporation will be responsible for building and operating UAM infrastructure at Incheon Airport and will also conduct feasibility studies and operational concepts for airport shuttles. Hyundai Engineering & Construction will prepare structural and facility design standards for vertiports, the UAM vertical takeoff and landing sites, and develop concepts for UAM transfer centers linked with ground transportation. Lastly, KT will promote the establishment of UAM communication infrastructure, develop air-ground linked mobility business models, and develop UTM (Unmanned Traffic Management) systems.
Hyundai Motor plans to accelerate the development of world-class UAM through this cooperation. Previously, at the international electronics exhibition 'CES 2020,' Hyundai Motor showcased the UAM concept ‘S-A1’ and presented a future mobility vision including a commercialization target for 2028.
According to the Ministry of Land, Infrastructure and Transport, the UAM market is expected to grow to a global scale of 730 trillion won, including 13 trillion won domestically by 2040. It is anticipated that the synergy created by the cooperation of these four companies will support strengthening the competitiveness of the domestic UAM industry.
Shin Jae-won, Vice President and Head of Hyundai Motor’s UAM Business Division, said, "To build a UAM ecosystem in mega cities like Seoul, it is essential not only to develop UAM but also to properly establish infrastructure and business models," adding, "The four companies, including Hyundai Motor, emphasized the importance of building a UAM ecosystem through this MOU and expressed a strong will to open the UAM era."
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