Shin Jaewon, President of Hyundai Motor Company, "UAM, a New Market Like Never Before... Cooperation Among Various Industries Needed"

"Existing Aviation Industry Leaders Have No Established Privileges... Korea Not an Aviation Powerhouse but Has Ample Chances"

[Asia Economy Reporter Yoo Je-hoon] Shin Jae-won, Head of Urban Air Mobility (UAM) Division at Hyundai Motor Company (President), said on the 7th, "The UAM market has no established powers in countries or companies, and the market itself does not exist," adding, "Since new aircraft certification and navigation systems as well as extensive infrastructure development are required, multiple industries must cooperate to open the market."

In his keynote speech at the opening ceremony of the 8th International Electric Vehicle Expo held at Jeju International Convention Center (ICC Jeju) in Jeju on the afternoon of the same day, President Shin said, "Although South Korea cannot be called a traditional aviation powerhouse, I believe there is a good chance of success in the UAM field."

Regarding why UAM is gaining attention, President Shin first explained, "It is forecasted that by 2030, there will be more than 43 metropolitan cities worldwide with populations exceeding 10 million, and accordingly, road infrastructure will increasingly fail to meet demand," adding, "Now, unless we open air routes, we cannot satisfy the transportation demand caused by such metropolitan centralization."

President Shin also emphasized that environmental friendliness is another reason why UAM is attracting interest. He said, "Some argue that helicopters could be used, but helicopters are noisy and use internal combustion engines, which are not environmentally friendly," explaining, "Just as electric vehicles have brought innovation to the automotive industry, electrification and autonomous driving are advancing together, and UAM is gaining attention in the aviation sector."

President Shin further defined the UAM market as a "non-existent market." He said, "Since the UAM market (originally) does not exist, there are no regulations or infrastructure at all," adding, "Even established aviation industry leaders like Boeing and Airbus are not in an advantageous position because this involves completely new aircraft and new production methods."

He continued, "The problem is that since it is a non-existent market, there are many challenges to solve," emphasizing, "It is necessary to develop aircraft certification systems and navigation systems immediately, and infrastructure such as connections between land transportation and UAM, charging systems, and takeoff and landing facilities must be established. This is a market that multiple industries must cooperate to open."

President Shin also said, "For example, young generations improve their quality of life by purchasing the Ioniq 5, and similar things will continue in UAM," adding, "From the perspective of general consumers, a world will come where by simply pressing an application (app) once, all transportation means between departure and arrival points are connected and prepared."

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