SK Telecom (017670) has sold a significant portion of its stake in Joby Aviation, the world's leading urban air mobility (UAM) manufacturer. The move marks the company's exit from the UAM business amid growing uncertainty, including delays in domestic commercialization. The telecom giant plans to concentrate its resources on its core telecommunications and artificial intelligence (AI) operations.
According to SK Telecom's business report released on the 18th, the company sold approximately 67% of its Joby holdings during the fourth quarter of last year. The divestiture reduced SK Telecom's stake from 2.1% to 0.7%.
SK Telecom had invested approximately $100 million (about 148.5 billion won) in Joby in 2023, establishing a strategic partnership. Plans for disposing of the remaining shares (approximately 5.02 million) have not yet been finalized.
Analysts attribute the stake sale primarily to slow progress in domestic UAM projects. The Ministry of Land, Infrastructure and Transport postponed UAM commercialization by three years, from 2025 to 2028, citing difficulties in securing aircraft. Only two of the seven consortiums that participated in the first phase of the K-UAM Grand Challenge, Korea's urban air mobility demonstration project, proceeded to the second phase.
The divestiture also reflects a broader strategic shift toward telecommunications and AI. The company faces mounting investment demands for its telecommunications AX transformation and AI infrastructure and service initiatives, necessitating the divestiture of non-core assets.
At his first official press conference in Barcelona on March 2nd during MWC 2025, SK Telecom CEO Chung Jae-hun expressed strong commitment to transforming the company into an "AI-native enterprise."
"If we miss the golden window to adapt to the new AI revolution, we die," Chung said, signaling investments in the trillions of won.
