LG Uplus Corp., South Korea’s third-largest mobile carrier, and Kakao Mobility Corp., the country’s largest taxi-hailing platform, officially launched their electric vehicle (EV) charging system joint venture, LG Uplus VoltUp, on Wednesday. This move heralds fiercer competition in South Korea’s nascent and fragmented EV charging market.
The joint venture will be led by Hyun Jun-yong, former vice president of the EV Charging Business at LG Uplus. Under the agreement, LG Uplus will handle management and operation, while Kakao Mobility will focus on strategy and technology development, drawing on its extensive experience in building and operating Mobility-as-a-Service platforms.
Approved by the Fair Trade Commission (FTC) in April, LG Uplus will hold 50% of the joint venture plus one share, while Kakao Mobility will control 50%. Each company has pledged 25 billion won to establish the venture, which will be a subsidiary of LG Uplus.
LG Uplus VoltUp will take over LG Uplus’ existing charging service operations, which controlled a 1.1% share of the Korean EV charging market as of July last year. The new entity will continue to operate around 10,000 chargers installed in apartment buildings across Korea and plans to expand its infrastructure to commercial buildings.
The joint venture aims to offer tailored charging prices for different customer segments to differentiate its services from competitors. “We hope to lead Korea’s EV charging market with new services that meet users’ demands,” Hyun Jun-yong said in a statement.
As of September last year, South Korea’s EV charging market was serviced by over 100 companies operating 250,000 charger units, according to the Ministry of Environment. Major conglomerates like GS and SK groups are notable players, with Naver Corp. also seeking to enter the market.
LG Uplus initially entered the EV charging market in 2021, leveraging its expertise in operating nationwide mobile phone base stations and data centers. In June last year, it teamed up with Kakao Mobility to expand its business and improve its charging services. Three months later, it unveiled a ceiling-type multi-charging system developed in collaboration with Hanwha Corp.’s construction arm and local startups GENIS Korea and Zipool Engineering.
By 2026, LG Uplus aims to be among the top three Korean EV charger manufacturers. The launch of LG Uplus VoltUp marks a significant step towards achieving this goal, positioning the joint venture to capitalize on the growing demand for EV charging infrastructure in South Korea.
As the EV market continues to expand, the partnership between LG Uplus and Kakao Mobility through VoltUp is set to drive innovation and enhance service offerings, setting a new standard in the Korean EV charging landscape.
