In the meantime, Uber and its South Korean partner would focus their efforts on a new taxi-hailing service whose purpose is to provide more advanced capabilities thanks to a mix of the tech, resources, and know-how coming from both partners.
For example, Uber will contribute with traffic tech and the system that already made it famous all over the world, while SKT will offer map data, navigation tech, and taxi services, according to local reports.
Uber will invest approximately $50 million in the new joint venture, and SKT says that it also plans to launch another similar effort with the American firm in 2021. This time, Uber will participate with $100 million and will take control of 51 percent of the joint venture, the South Korean carrier said.
As many industry watchers know already, the concept of flying cars isn’t necessarily new, as companies like Toyota and Hyundai have already invested heavily in the creation of such vehicles. However, we’re still far from the moment a flying car would finally receive the go-ahead for mass production, and a recent report provides us with a closer look at the reason for the slow progress that’s being made in this regard.
In the meantime, Uber and its South Korean partner bet big on this joint venture, despite building a flying car obviously a long-term project that we might not live to see happening.