Joby Welcomes $100 Million Investment as It Expands Partnership With SK Telecom
29 Giugno 2023 - 12:00PM
Business Wire
Joby Aviation, Inc. (NYSE:JOBY), a company developing
all-electric aircraft for commercial passenger service, today
announced that SK Telecom (NYSE:SKM, “SKT”), South Korea’s leading
telecommunications company, is making an equity investment of $100
million in Joby, as part of an expanded partnership between the two
companies.
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The Joby aircraft flying in the skies
over Marina, California. Photo: Joby Aviation
The agreement, executed on 27 June, paves the way for Joby to
participate alongside SKT in Korea’s “K-UAM Grand Challenge.” The
Challenge is a phased demonstration program, led by the Korean
Ministry of Land, Infrastructure and Transport, which is designed
to foster the adoption of aerial ridesharing in Korea.
Commenting on the news, JoeBen Bevirt, founder and CEO, Joby
Aviation, said: “Our partnership with SKT places Joby in the best
possible position to capitalize on the opportunity presented by the
Korean market, where we continue to see a strong drive from the
government to realize aerial ridesharing.
“We’re grateful for SKT’s commitment to Joby and look forward to
working with them as we develop a transformational air taxi service
for Korea.”
Joby and SKT first signed a strategic collaboration agreement in
February 2022, which was expanded to include TMAP, South Korea’s
largest mobility platform, in May 2022. Today’s investment is
expected to lead to the development of further partnerships across
the mobility ecosystem in Korea, led by SKT.
“We will do our utmost to promote the demonstration and
commercialization of urban air mobility in Korea, based on our
partnership with Joby Aviation,” added Ryu Young-sang, CEO of SKT.
“This technology promises to greatly reduce customers’ travel time
and we look forward to turning Korea into a mobility
powerhouse.”
Additional financial details are available in Joby’s 8-K
available here.
About Joby
Joby Aviation, Inc. (NYSE:JOBY) is a California-based
transportation company developing an all-electric, vertical
take-off and landing air taxi which it intends to operate as part
of a fast, quiet, and convenient service in cities around the
world. To learn more, visit www.jobyaviation.com.
About SK Telecom
SK Telecom has been leading the growth of the mobile industry
since 1984. Now, it is taking customer experience to new heights by
extending beyond connectivity. By placing AI at the core of its
business, SK Telecom is rapidly transforming into an AI company. It
is focusing on driving innovations in areas of telecommunications,
media, AI, metaverse, cloud and connected intelligence to deliver
greater value for both individuals and enterprises.
For more information, please contact skt_press@sk.com or visit
our LinkedIn page www.linkedin.com/company/sk-telecom.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the timing of SKT’s expected investment in
Joby ; our regulatory outlook, progress and timing; plans for
commercial operations in Korea and our partnership with SKT,
including participation in the K-UAM Grand Challenge; our business
plan, objectives, goals and market opportunity; plans for, and
potential benefits of, our strategic partnerships; and our current
expectations relating to our business, financial condition, results
of operations, prospects, capital needs and growth of our
operations. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
These statements may include words such as “anticipate”,
“estimate”, “expect”, “project”, “plan”, “intend”, “believe”,
“may”, “will”, “should”, “can have”, “likely” and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events. All forward looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially, including: our ability to launch our aerial ridesharing
service and the growth of the urban air mobility market generally;
our ability to produce aircraft that meet our performance
expectations in the volumes and on the timelines that we project;
the competitive environment in which we operate; our future capital
needs; our ability to adequately protect and enforce our
intellectual property rights; our ability to effectively respond to
evolving global regulations and standards relating to our aircraft;
challenges associated with international partnerships; conditions
for participation in the K-UAM Grand Challenge which may be outside
of our control; our reliance on third-party suppliers and service
partners; uncertainties related to our estimates of the size of the
market for our service and future revenue opportunities; and other
important factors discussed in the section titled “Risk Factors” in
our Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (the “SEC”) on March 1, 2023, and in future
filings and other reports we file with or furnish to the SEC. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this presentation. While we may elect
to update such forward-looking statements at some point in the
future, we disclaim any obligation to do so, even if subsequent
events cause our views to change.
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version on businesswire.com: https://www.businesswire.com/news/home/20230629341584/en/
Joby Aviation Investors: investors@jobyaviation.com
Media: press@jobyaviation.com
SK Telecom Co., Ltd. Rainie Jiang mengyu@sk.com
Taehoon Lee +82 2 6100 3368 hooon@sk.com
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