South Korean mobile carrier LG Uplus Corporation and local transportation technology company Kakao Mobility announced plans to establish a joint venture to build an electric vehicle (EV) charging network in the country.

LG Uplus is expected to take a slight majority stake in the new company, of 50% and an additional share, while Kakao Mobility will own the remainder.

The two companies said they would ask the Fair Trade Commission to clear the joint venture this month with a view to completing the formation of the company later this year.

LG Uplus wants to make use of its nationwide infrastructure and operational capability while Kakao Mobility will provide its leading Mobility as a Service (MaaS) platform.

The joint venture plans to build an advanced EV charging network in the country, promising to provide drivers with the unmatched convenience, immediate charging and new added value features and personalisation.

Last month Kakao Mobility signed a collaboration agreement with Vingroup, Vietnam’s largest private conglomerate, to develop technology for EVs and autonomous vehicles. Kakao Mobility said it had agreed to provide technology such as high precision maps for self driving services and would provide VinGroup with on-board technology for its EVs. The two companies have also agreed to collaborate on building an EV charging network in the country.

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By GlobalData