Uber Technologies’ CEO on
Friday expressed commitment to the South Korean market, where it is
an underdog to local tech group Kakao, and said the platform will
attract more taxi drivers for growth.
“The fact is that a taxi driver who uses the Uber app
will make more money, will be more busy,” Uber CEO Dara
Khosrowshahi told reporters in Seoul.
“We are growing
significantly faster than the market, and we’re confident that our market share
will only grow from here.”
Kakao has a more than 90% market share of taxi-hailing, 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 services.
In 2021, Uber re-entered the market by setting up a
joint venture with South Korea’s second-largest conglomerate SK
Group, called UT.
UT’s taxi-hailing service was rebranded as Uber Taxi in
March this year.
Khosrowshahi said about 20% of South Korean taxi drivers
were on the Uber Taxi platform, and that the number of passengers
grew nearly 80% year-on-year during the first half of 2024, including a more
than doubling of the usage by international travelers
to South Korea since the rebranding.
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