The South Korean government will launch a 1.6 trillion won ($1.3 billion) project to set basic standards for urban air mobility (UAM), or air taxi, as the country is preparing to commercialize the next-generation mobility service from 2025, according to sources with knowledge of the matter. Up to now, four Korean consortia, including a Hyundai Motor-led group, have joined the race for UAM services. Mobile carrier SK Telecom Co., Lotte Rental Co (includes Skyworks). and LG Uplus Corp., a wireless and internet service provider, have also formed their separate consortium to enter the UAM market.