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The Korea Herald
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THE INVESTOR
May 19, 2024

Automobiles

BMW purchases over $4.7b Korea-made parts in 2023

  • PUBLISHED :April 15, 2024 - 17:04
  • UPDATED :April 15, 2024 - 17:04
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(BMW Group Korea)

BMW Group Korea said on Monday that in 2023, BMW Group’s global spending on parts sourced from Korean suppliers totaled approximately 6.53 trillion won ($4.72 billion), surpassing its own sales figures within the country for that year.

The global group’s procurement from Korean suppliers increased by 25 percent compared to 2022, and even exceeded the Korean branch’s sales revenue, which was around 6.10 trillion won last year.

Major contributors to this supply chain include domestic suppliers like Samsung SDI, Samsung Display, LG Group, Hankook Tire and Sebang Global Battery, which are among the more than 30 domestic suppliers working with BMW. These components range from electric vehicle batteries to display technologies.

BMW's partnerships in Korea have grown steadily since 2010. The total value of parts purchased from Korean suppliers first surpassed 1 trillion won in 2014. By 2022, this figure had quadrupled, before reaching last year's milestone of over 6 trillion won. Since 2010, BMW Group's cumulative spending on Korean auto parts has totaled approximately 30.78 trillion won.

Han Sang-yun, CEO of BMW Group Korea, said, “It's gratifying to see that our collaboration with Korean suppliers is injecting cutting-edge technology into BMW's global lineup. We’re keen to keep this momentum going and help our Korean partners expand their international presence.”

In 2022, BMW Group’s contributions to the Korean economy were formally recognized with the Prime Minister's commendation at the 59th Trade Day celebration in Korea, acknowledging its role in introducing Korean products into new international markets.

2023 also saw BMW Group Korea clinching the leading position in Korea’s imported car market for the first time in eight years, narrowly surpassing Mercedes-Benz. The BMW 5 Series, in particular, continues to be highly popular in Korea, which ranks as the top global market for the series outside of China.

BMW Group Korea is also advancing its sustainability efforts in the region through the Charging NEXT project, which aims to double the number of electric vehicle chargers from approximately 1,000 to 2,100 by the end of the year, enhancing the infrastructure for electric mobility within the country.

By Moon Joon-hyun (mjh@heraldcorp.com)
The Korea Herald

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