Uber Technologies Inc. plans to broaden its South Korean business and compete with powerful domestic rival Kakao, emphasising the country’s importance as one of the US company’s few remaining Asian markets.
At a press conference in Seoul, Uber CEO Dara Khosrowshahi unveiled the ambitions and launched a drive to increase the number of drivers the business employs in the nation.
Uber has withdrawn from China and much of Southeast Asia, leaving South Korea as one of the few Asian markets in which it remains active.
More than ten years ago, it made its debut in the Korean market before pulling out due to legal concerns.
However, Uber made a comeback in 2021 when it established a joint venture with T Map Mobility Co., a division of SK Square Co.
After rebranding the company as Uber Taxi in March, the firm has grown rapidly, with roughly 80% more rides in the first half of this year than in the previous year.
As it has in other regions, Khosrowshahi further stated that Uber intends to increase the number of Korean auto technology businesses with which it has partnered.
Kakao has “the majority of the market here in Korea. But the fact is that we are growing significantly faster than the market and we’re confident that our market share will only grow from here,” Khosrowshahi told reporters in Seoul on Friday.
Newsng understands that the newest development in the country’s hide-hailing drama is Uber’s increase in South Korea.
Uber may be well-known worldwide for its public spats with regulators, but in South Korea, the most recent occupant of that unpleasant distinction has been the domestic giant.
We earlier reported that Uber and BYD launched a new multi-year agreement on Wednesday, which would place Uber drivers in about 100,000 new electric vehicles built by the massive Chinese company.
According to Uber CEO Dara Khosrowshahi, moving to EVs allows drivers to offer far more emissions benefits due to their increased road presence.