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SK Telecom enters China telematics market

Posted: 19 Feb 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Shenzhen E-eye High Tech Co? GPS terminals? telematics? software platforms for logistics?

SK Telecom Co. Ltd said it has bought controlling stake in Shenzhen E-eye High Tech Co., paving the way for the South Korean telecom to advance into China's telematics market, according to a report in Korea.net. The purchase was for a controlling 65.5-percent stake, and cost $14.7 million.

Shenzhen E-eye High Tech manufactures GPS terminals and provides software platforms for logistics.

"The purchase has opened the way for SK Telecom to advance into the Chinese market with its telematics technology and know-how," said Lee Suk-hwan, president of SK Telecom China Holding. Telematics refers to the use of GPS technology integrated with computers and mobile communications technology in automotive navigation systems.

SK Telecom said China's telematics market has been growing at a fast pace because of China's policy requiring government-owned and special vehicles to be equipped with a GPS device ahead of the Beijing Olympics.

SK Telecom said it will seek to sell GPS platforms to large companies in China, set up a nationwide distribution network, and provide GPS and traffic information services.




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