The Uber institution logo is seen successful the Falchi Building connected June 26, 2024 successful New York City.
Michael M. Santiago | Getty Images
Uber Technologies' CEO on Friday expressed committedness to the South Korean market, wherever it is an underdog to section tech radical Kakao, and said the level volition pull much taxi drivers for growth.
"The information is that a taxi operator who uses the Uber app volition marque much money, volition beryllium much busy," Uber CEO Dara Khosrowshahi told reporters successful Seoul.
"We are increasing importantly faster than the market, and we're assured that our marketplace stock volition lone turn from here."
Kakao has a much than 90% marketplace stock of taxi-hailing, estimated based connected app usage data.
Uber first entered the South Korean marketplace successful 2013, but pulled retired owed to regulations that lone let companies with taxi licenses to connection thrust services.
In 2021, Uber re-entered the marketplace by mounting up a associated task with South Korea's second-largest conglomerate SK Group, called UT.
UT's taxi-hailing work was rebranded as Uber Taxi successful March this year.
Khosrowshahi said astir 20% of South Korean taxi drivers were connected the Uber Taxi platform, and that the fig of passengers grew astir 80% year-on-year during the archetypal fractional of 2024, including a much than doubling of the usage by planetary travelers to South Korea since the rebranding.
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