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Uber’s (NYSE:UBER) CEO, Dara Khosrowshahi, expressed optimism about growth in South Korea, despite stiff competition from local leader Kakao, which holds over 90% of the taxi-hailing market, a Reuters report showed.
Khosrowshahi highlighted that ~20% of South Korean taxi drivers are now using the Uber Taxi platform, and passengers grew nearly 80% Y/Y, particularly benefiting from an increase in international tourists.
“The fact is that a taxi driver who uses the Uber app will make more money, will be more busy,” 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,” he added.
Uber (UBER) made an initial entry in the South Korean market in 2013, but withdrew due to limiting laws; reentered in 2021, and established UT, a joint venture with South Korea’s second-largest conglomerate SK Group. In March this year, UT’s taxi-hailing service was rebranded to Uber Taxi.
