Lotte Enters UAM Business... "Building Integrated Mobility Platform Connecting Air and Ground"

(From the left) Kim Hyun-soo, CEO of Lotte Rental; Kim Seung-wook, Executive Director of Lotte Holdings; Kim Kyung-wook, President of Incheon International Airport Corporation; Park Nam-chun, Mayor of Incheon Metropolitan City; (From the right) Choi Yoo-jin, CEO of Mint Air; Yoo Chang-kyung, Director of the Aerospace Industry-Academic Convergence Institute.

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[Asia Economy Reporter Yuri Kim] Lotte is entering the Urban Air Mobility (UAM) business to build an integrated mobility platform. The goal is to provide differentiated transportation services by connecting ground-based networks such as Lotte Rental with aviation.

Lotte Holdings and Lotte Rental, together with U.S. companies Skyworks Aeronautics, Mobius Energy, and Incheon Metropolitan City, will promote demonstration flights for urban air mobility starting next year through a seven-party business cooperation. To this end, on the 16th, Incheon Metropolitan City held the ‘2021 K-UAM Confex’ at Paradise Hotel on Yeongjong Island, where the Incheon urban air mobility demonstration flight agreement ceremony took place.

Among the participating companies, the flight vehicle sector is handled by Skyworks Aeronautics (U.S. - flight vehicle development), Mobius Energy (U.S. - battery module development), and Mint Air (Korea - flight vehicle operation). Incheon Metropolitan City and the Aerospace Industry-Academic Convergence Institute support test flights and business operations.

Lotte Rental focuses on operating a mobility platform that connects aviation and ground transportation. They are also reviewing the construction and operation of related infrastructure such as vertiports (takeoff and landing sites) and charging stations. Lotte Holdings plans to consolidate the group’s capabilities and networks to support the successful execution of the demonstration flight project.

A Lotte official said, "We have a mid- to long-term vision to lead a low-carbon future as well as eco-friendly mobility businesses," adding, "We plan to deploy the group’s capabilities to ensure the success of this demonstration flight in preparation for the upcoming UAM era."

Lotte is also putting effort into the mobility sector. Lotte Rental signed a memorandum of understanding (MOU) and equity investment contract with autonomous driving technology company 42dot, conducting joint research and business cooperation. They also signed an MOU for electric vehicle Baas (Battery as a Service) business cooperation with LG Energy Solution, strengthening their mobility platform capabilities.

On the 5th, Lotte Information & Communication signed an acquisition contract for the electric vehicle charging company ‘Jungang Control’ and began building a value chain encompassing the entire mobility sector. In June, Lotte Information & Communication became the first in Korea to obtain a temporary operation permit for a driverless autonomous shuttle and is continuing demonstration projects in Sejong City and other locations.

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