Published 26 Apr.2022 09:23(KST)
[Asia Economy Reporter Hyungsoo Park] Vessel is showing strong performance. The news that the new government, launching next month, is making the development of future mobility (transportation means) such as electric and hydrogen vehicles, autonomous vehicles, and Urban Air Mobility (UAM) a national agenda and supporting the establishment of industrial ecosystems and infrastructure appears to have influenced the stock price.
At 9:23 a.m. on the 26th, Vessel is trading at 6,640 KRW, up 20.73% from the previous day.
Wang Yunjong, a member of the Economic Subcommittee 2 of the Presidential Transition Committee, stated at a briefing held in Tongui-dong, Jongno-gu, Seoul, the day before, "Mobility will be developed as a core future growth engine as a key pillar to realize a digital platform government."
The new government aims to commercialize conditional autonomous driving (Level 3) by 2022 and full autonomous driving (Level 4) by 2027. UAM, known as the "flying taxi," is also planned to be commercialized by 2025.
Commissioner Wang explained, "The development of mobility is a key pillar of the strategy to implement the digital platform government that the Yoon Suk-yeol administration pursues in everyday life."
The commercialization of UAM in 2025 will also be a major focus. Demonstration and pilot projects for UAM will be promoted, and support will be provided for the development of core technologies such as dual-use aircraft (AAV) for both civilian and military purposes. Infrastructure such as UAM takeoff and landing sites (vertiports), pilot airspace in the metropolitan area, and control systems will also be established.
American investment bank Morgan Stanley forecasts that the UAM market will reach around 1,770 trillion KRW by 2040. One of the domestic companies possessing outstanding technology in this field is the venture company Vessel Aerospace. It develops and mass-produces private light aircraft. Vessel Aerospace was established in 2019 by a physical division of the aircraft business of the Vessel Group.
Based on its outstanding technological capabilities, it participates in various public-private joint projects. The cumulative scale of national projects exceeds 110 billion KRW. It is also working on a development project for medium-sized vertical takeoff and landing unmanned aerial vehicles for maritime missions, led by the Ministry of Oceans and Fisheries and the Korea Coast Guard. Development is scheduled to be completed by the end of this year, with mass production and distribution targeted from 2023.
The distinctiveness of the aircraft currently being developed by Vessel Aerospace lies in its stable vertical takeoff and landing technology and the differentiated hybrid-type power source. Urban aircraft must take off and land vertically directly from narrow rooftop spaces of buildings or apartments without runways.
Vessel Aerospace is pursuing a listing on the KOSDAQ market. It plans to go public in 2023 based on the technology special case or growth potential special case system. Kiwoom Securities has been appointed as the lead underwriter. The company estimates its corporate value to be between 200 billion and 250 billion KRW.
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