SOCAR will work with its subsidiary Apex Mobility, the Korea Rent-A-Car Business Association Federation, and The Korea Transport Institute (KOTI) to develop and pilot a lending service for autonomous vehicles.
SOCAR said on the 4th that it signed a "business agreement for the development of the autonomous vehicle lending industry" with the organizations on the 3rd. The signing ceremony was attended by Chief Executive Officer Park Jae-uk of SOCAR and Apex Mobility; Chief Strategy Officer (CSO) Jang Hyuk of Apex Mobility; Chair Choi Yun-cheol of the Korea Rent-A-Car Business Association Federation; and President Kim Young-chan of The Korea Transport Institute (KOTI).
The agreement was prepared to jointly promote everything from research and demonstrations for developing lending service technology for autonomous vehicles to building and operating a service platform. With commercialization of autonomous driving imminent, the aim is to strengthen competitiveness through cooperation.
It was prepared to jointly pursue technology development and demonstrations, platform building, and institutional improvements for a service that lends autonomous vehicles through rent-a-car or car-sharing models.
Specific areas of cooperation include: ▲ conducting joint research on technology development for autonomous vehicle lending services ▲ developing and advancing the autonomous vehicle lending service platform ▲ promoting pilot and demonstration projects for autonomous vehicle lending services and strengthening operational capabilities ▲ studying ways to improve user and operator acceptance of autonomous vehicle lending services ▲ researching directions for improving laws and institutions related to autonomous vehicle lending services and providing policy materials ▲ other necessary cooperation to develop the lending industry in the autonomous driving era.
To that end, the Korea Rent-A-Car Business Association Federation, as "the only statutory body related to the automobile lending industry authorized by the Ministry of Land, Infrastructure and Transport," will collect industry-wide opinions and serve as a channel for convening working-level councils and engaging in external cooperation. The Korea Transport Institute (KOTI) plans to present directions for policy development and legal and institutional improvements for the lending industry in the autonomous driving era through research demonstrations and data provision.
SOCAR and Apex Mobility plan to lead the verification and advancement of autonomous vehicle lending service technology and focus on building the related ecosystem, drawing on their accumulated know-how in operating car-sharing and mobility platforms and their capacity to process large-scale user data.
Chief Executive Officer Park said, "We expect this agreement to serve as a springboard for strengthening competitiveness across national research institutions and the entire lending service industry," adding, "We see this as a practical first step toward commercializing autonomous vehicle lending services and will accelerate service advancement through future demonstration projects."