Hwang Hyeon-sik, left, the CEO of LG Uplus, meets with Ryu Geung-seon, the CEO of Mobility, in Seoul, in this July 3, 2023 file photo. Yonhap

The antitrust regulator approved a joint venture between LG Uplus and Kakao Mobility for operating electric car charging stations Monday, noting that the partnership is unlikely to impede market competition.

The approval by the Fair Trade Commission (FTC) came as LG Uplus, the nation's No. 3 mobile carrier, and Kakao Mobility, the operator of a leading taxi-hailing service Kakao T, announced their plan to launch an EV charging joint venture.

"The competition in the market for EV charging services is already active with multiple participants," the FTC said, noting that the new joint venture is expected to further stimulate price competition, eventually benefiting consumers.

The number of electric cars in the country came to 534,900 in 2023, taking up 2.1 percent of the total. (Yonhap)