November 25, 2024

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(UT)

UT LLC., a mobility company based in South Korea, said Thursday it will change the name of its taxi-hailing platform service to Uber Taxi from UT.

UT is a joint venture created by the US ride-hailing service company Uber Technology Inc. and South Korean mobility firm Tmap Mobility Co. in 2021 as part of Uber's efforts to break into the Korean market.

With the rebranding of the service, foreign visitors to South Korea will be able to use the original Uber application to grab taxis here, according to company officials.

At the same time, Korean users will gain access to Uber services abroad through an automatic update to the Uber Taxi application, scheduled for early next month.

The name of the joint venture and the shareholding structure will stay unchanged, the officials said.

Currently, Uber owns 51 percent of UT's total shares and Tmap Mobility the remaining 49 percent. (Yonhap)