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LG Uplus and Kakao Mobility’s joint venture to operate electric vehicle charging stations has been approved by the Fair Trade Commission. The antitrust regulator approved the JV on Monday, April 29.
FTC’s Crucial Permission for the JV
The FTC handed the “go signal” after determining that LG Uplus and Kakao Mobility’s team-up will not likely hold back market competition. Moreover, the approval came shortly after the companies announced their plan to set up an EV charging joint venture, per Yonhap News Agency.
The FTC further said that, aside from less restriction on competition, it granted permission for the joint business to proceed as it has a high potential for innovation. The agency also concluded that even if the companies work together, it will be hard for them to secure dominance in the EV charging market. Now that LG Uplus and Kakao Mobility have gotten over the regulators’ hurdle, they will proceed to build their EV charging company.
The FTC explained, "The competition in the market for EV charging services is already active with multiple participants." It also noted that the JV is expected to stimulate price competition even more, which consumers can benefit from.
The Fair Trade Commission added, “Through the establishment of this joint venture, we will be able to promote competition in the launch of innovative services and price competition, and improve charger failures and poor management.”
LG Uplus and Kakao Mobility’s Financial Agreement
Hankyoreh News reported that the partners agreed to invest KRW50 billion to set up an electric vehicle charging company. LG Uplus and Kakao Mobility want to create great synergy through their FTC-approved joint venture.
Finally, the FTC said they hope that the electric vehicle and the EV charging market will grow further by promoting competition in this charging market while resolving user inconvenience.
Photo by: Andrew Roberts/Unsplash
