Uber’s Commitment to South Korea

SEOUL (Reuters) – Uber Technologies Inc’s CEO, Dara Khosrowshahi, reaffirmed the company’s commitment to the South Korean market, where it competes with local giant Kakao.

“The fact is that a taxi driver who uses the Uber app will make more money, will be more busy,” Khosrowshahi stated during a press conference in Seoul.
“We are growing significantly faster than the market, and we’re confident that our market share will only grow from here.”

Kakao dominates the market with over 90% share, according to app usage data.

Uber initially entered South Korea in 2013 but withdrew due to regulations restricting ride-hailing services to licensed taxi companies. In 2021, Uber returned by forming a joint venture with SK Group, the second-largest South Korean conglomerate, called UT. This service was rebranded as Uber Taxi in March 2024.

Khosrowshahi noted that about 20% of local taxi drivers are on the Uber Taxi platform, and the number of passengers increased nearly 80% year-on-year in the first half of 2024, including a more than doubling of international travelers’ usage since the rebranding.