SK Rent-a-Car to Invest 40.6 Billion KRW in Establishing Electric Vehicle-Only Complex in Jeju Island

[Asia Economy Reporter Kim Hyewon] SK Rent-a-Car is participating in the construction project of the largest electric vehicle (EV) exclusive complex in Jeju Island.

SK Rent-a-Car announced on the 15th that it held a board meeting on the 14th and resolved to invest approximately 40.6 billion KRW to build the largest EV-exclusive complex in Jeju Island.

This decision is a concrete business advancement related to the memorandum of understanding signed last April with Korea Electric Power Corporation (KEPCO) to establish a 7,200 kW charging facility capable of charging 3,000 electric vehicles. The construction of related buildings and facilities is planned to proceed from this month until September 2022.

According to the MOU with KEPCO, once the EV-exclusive complex is established in Jeju Island by 2025, SK Rent-a-Car plans to provide a rich EV usage experience, including various EV rentals, test drives, and charging services, targeting approximately 1.3 million short-term rental customers.

An SK Rent-a-Car official stated, "We decided to invest to lead the domestic EV rental market in line with the growth of the eco-friendly EV market and to faithfully implement the practical ESG (Environmental, Social, and Governance) management emphasized by SK Group. We hope this investment will contribute to the government's Green New Deal policy and serve as a catalyst for the nationwide transition to electric vehicles."

Prior to presenting this investment agenda at the board meeting, SK Rent-a-Car conducted a preliminary discussion on the matter at the in-house ESG committee on the 8th. This meeting, the first held since the establishment of the ESG committee earlier this year to focus on ESG-centered management, was conducted in a free discussion format without formal constraints. It is reported to have set a proper milestone for ESG management led by the board by enabling substantive discussions and guidance on ESG at the board level.

An SK Rent-a-Car official emphasized, "We will continue to share specific progress to satisfy stakeholders' right to know. As a specialized EV rental company, we will persist in various efforts to practice ESG management."

This content was produced with the assistance of AI translation services.