The new tab for Uber Technologies Inc. (UBER.N) The CEO opened a new tab on Friday, reaffirmed the platform’s commitment to the South Korean market, where it is competing against the local tech business Kakao (035720.KS), and stated that the platform will draw in more taxi drivers in order to develop.
Uber CEO Dara Khosrowshahi told reporters in Seoul, “The fact is that a taxi driver who uses the Uber app will make more money, will be more busy.”
“We are growing significantly faster than the market, and we’re confident that our market share will only grow from here.”
According to estimates based on app usage data, Kakao has a market share of more than 90% for taxi hailing.
Uber made its initial entry into the South Korean market in 2013, but it later withdrew owing to laws limiting ride services to businesses with taxi permits.
Uber made a comeback to the market in 2021 when it established UT, a joint venture with SK Group, the second-largest company in South Korea.
In March of this year, UT’s taxi-hailing service changed its name to Uber Taxi. According to Khosrowshahi, around 20% of taxi drivers in South Korea were using the Uber Taxi platform. In the first half of 2024, the number of passengers increased by almost 80% year over year, with foreign visitors to South Korea using the service more than double since the rebranding.
