Key Points:
- BMW Group’s global spending on parts from Korean suppliers in 2023 totaled $4.72 billion, exceeding its sales figures within Korea.
- Korean suppliers such as Samsung SDI, Samsung Display, and LG Group play a significant role in BMW’s global supply chain.
- BMW Group’s cumulative spending on Korean auto parts since 2010 amounts to approximately $22.24 billion.
- BMW Group Korea was recognized for contributing to the Korean economy and was the Korean imported car market leader in 2023.
BMW Group Korea announced on Monday that its global spending on parts sourced from Korean suppliers in 2023 amounted to approximately 6.53 trillion won ($4.72 billion), exceeding its sales figures within the country for the same year. The global group’s procurement from Korean suppliers increased significantly by 25 percent compared to the previous year, surpassing the Korean branch’s sales revenue of around 6.10 trillion won in 2023.
Key contributors to this supply chain include domestic suppliers such as Samsung SDI, Samsung Display, LG Group, Hankook Tire, and Sebang Global Battery. These suppliers, numbering more than 30, provide various components, from electric vehicle batteries to display technologies.
BMW’s partnerships in Korea have experienced steady growth since 2010. The value of parts purchased from Korean suppliers surpassed 1 trillion won in 2014 and quadrupled by 2022 before reaching a milestone of over 6 trillion won in 2023. BMW Group’s cumulative spending on Korean auto parts since 2010 totals approximately 30.78 trillion won (approximately $22.24 billion).
Han Sang-Yun, CEO of BMW Group Korea, expressed satisfaction with the collaboration with Korean suppliers, highlighting the injection of cutting-edge technology into BMW’s global lineup. He emphasized the company’s commitment to maintaining this momentum and supporting Korean partners in expanding their international presence.
In 2022, BMW Group’s contributions to the Korean economy were acknowledged with the Prime Minister’s commendation at the 59th Trade Day celebration in Korea, recognizing its role in introducing Korean products into new international markets. Furthermore, BMW Group Korea achieved the leading position in Korea’s imported car market in 2023 for the first time in eight years, narrowly surpassing Mercedes-Benz. The BMW 5 Series remains highly popular in Korea, ranking as the top global market for the series outside of China.
In line with its sustainability efforts, BMW Group Korea is advancing the Charging NEXT project. This initiative aims to double the number of electric vehicle chargers in Korea from approximately 1,000 to 2,100 by the end of the year and enhance the country’s infrastructure for electric mobility.
