On June 26, 2024, the Uber company logo appeared at the Falch Building in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
Uber Technologies Inc. The chief executive on Friday expressed a commitment to the South Korean market, where it is losing ground to local tech group Kakao, and said the platform would grow by attracting more taxi drivers.
“The reality is that taxi drivers who use the Uber app make more money and are busier,” Uber Chief Executive Dara Khosrowshahi told reporters in Seoul.
“We are growing significantly faster than the market and we believe our market share will only grow from here.”
Kakao has more than 90% of the taxi market, estimated based on app usage data.
Uber first entered the South Korean market in 2013, but withdrew due to regulations that only allowed companies with taxi licenses to provide ride services.
In 2021, Uber established a joint venture UT with South Korea’s second largest conglomerate, SK Group, to re-enter the market.
UT’s taxi-hailing service was renamed Uber Taxi in March this year.
Khosrowshahi said that about 20% of Korean taxi drivers use the Uber Taxi platform, and the number of passengers increased by nearly 80% year-on-year in the first half of 2024, with usage by international passengers more than doubling after the brand was renamed and entered South Korea.
About The Author
