FutureFlight
SK Telecom Makes $100 Million Investment In Joby's eVTOL Aircraft
The companies are building on an earlier collaboration launched back in February 2022 that could support the launch of eVTOL air taxi flights in South Korea.
Joby Aviation CEO Joe-Ben Bevirt and Ryu Young-sang, CEO of SK Telecom.
Joby Aviation CEO Joe-Ben Bevirt and Ryu Young-sang, CEO of SK Telecom first announced their collaboration in February 2022, and now the Korean company is investing $100 million in Joby's eVTOL aircraft. (Image: Joby Aviation)

South Korea’s SK Telecom (SKT) is making a $100 million equity investment in Joby Aviation, building on a partnership it started with the eVTOL aircraft developer last year. The companies announced the agreement on June 29 but said it was signed two days earlier before its roll-out ceremony for the first production-conforming prototype on June 28.

The new funding will support Joby’s participation with SKT in the Korea Urban Air Mobility (K-UAM) Grand Challenge to prepare the way for the start of eVTOL air services in the Asian country. The program is supported by the Korean Ministry of Land, Infrastructure, and Transport.