The Uber company logo is seen at the Falchi Building on June 26, 2024 in New York City.
Michael M. Santiago Getty Images
Uber technology The CEO expressed his commitment to the South Korean market, where it is the underdog for the local tech group Kakao, and said the platform will attract more taxi drivers for growth.
“The reality is that taxi drivers who use the Uber app will make more money, they will be busier,” Uber CEO Dara Khosrowshahi told reporters in Seoul.
“We are growing faster than the market, and we believe that our market share will only grow from here.”
Kakao has more than 90% share of the taxi-hailing market, estimated based on app usage data.
Uber first entered the South Korean market in 2013, but pulled out due to regulations that only allow companies with taxi licenses to offer ride-hailing services.
In 2021, Uber re-entered the market by forming a joint venture with South Korea’s second largest Conglomerate SK Group, called UT.
The UT taxi service changed to Uber Taxi in March this year.
Khosrowshahi said that about 20% of South Korean taxi drivers are on the Uber Taxi platform, and the number of passengers grew by almost 80% annually during the first half of 2024, including more than doubling the use by international travelers. to South Korea since rebranding.
