The BMW Group purchased parts from Korean suppliers worth around KRW 6.53 trillion last year. This is more than BMW Group Korea will generate in South Korea in 2023.
In 2023 alone, the BMW Group purchased parts worth €4.5bn, or around KRW 6.53 trillion, from its Korean suppliers. This exceeds BMW Group Korea's total sales of KRW 6.1066 trillion last year and represents an increase of 251 TP3T compared to total purchases in 2022.
Over the years, the BMW Group's spending on Korean suppliers has steadily increased. From around KRW 719.9 billion in 2010, the purchase value exceeded KRW 1 trillion for the first time in 2014, and expanded to more than KRW 4 trillion in 2022. Last year, it surpassed 6 trillion won.
From 2010 to 2023, the cumulative value of parts purchased by the BMW Group from domestic suppliers is approximately KRW 30.78 trillion. The BMW Group purchases a wide range of parts, including advanced components such as electric vehicle batteries and displays, from more than 30 Korean suppliers, including Samsung SDI, Samsung Display, LG Group, Hankook Tire, and Sebang Battery, steadily continuing the virtuous cycle of sales and investment.
The BMW Group's reinvestment in the Korean market is not just about buying parts. It is demonstrating its commitment to continued contribution to the Korean economy and shared growth through a range of activities.
"We are very pleased and proud to be able to introduce Korean companies' high-tech components to the global market in BMW models," said Sang-Yoon Han, CEO of BMW Group Korea. "BMW Group Korea will continue to play a role in helping Korean companies expand their global markets." In recognition of its contribution to the development of these new markets, BMW Group Korea was awarded the Prime Minister's Citation for New Market Development at the 59th Trade Day Ceremony in 2022.
BMW Group Korea also continues to invest in the future and sustainability of Korean society. With its 'Charging NEXT' project, the company is actively expanding its electric vehicle charging infrastructure. The company plans to increase the number of electric vehicle charging stations, which currently stands at more than 1,000 across the country, to a total of 2,100 within the year. The company also continues to support future generations in Korea through the BMW Korea Future Foundation.
The BMW Group and BMW Group Korea will continue to carry out various investment activities to grow together with Korean society and strengthen the virtuous economic cycle in which foreign companies contribute to Korean society.
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Photo BMW Group Korea