BMW Group Korea announced that the BMW Group purchased parts worth approximately 6.535 trillion won from Korean suppliers last year. This amount exceeds the sales that BMW Group Korea achieved in Korea for 2023.
In just 2023, the BMW Group bought parts worth 4.5 billion euros, equivalent to about 6.535 trillion won, from Korean suppliers. This figure surpasses the total sales of BMW Group Korea in the previous year, which amounted to 6.1066 trillion won, marking an impressive 25% increase compared to the total purchase costs in 2022.
Over the years, the amount spent by the BMW Group on parts purchased from Korean suppliers has steadily increased. Starting with about 711.9 billion won in 2010, the purchase amount first exceeded 1 trillion won in 2014 and drastically expanded to over 4 trillion won in 2022. Last year, it jumped past 6 trillion won.
From 2010 to 2023, the cumulative amount spent by the BMW Group on parts purchased from local suppliers reached approximately 30.78 trillion won. The BMW Group purchases a range of advanced parts, including electric vehicle batteries and displays, from over 30 Korean suppliers, including Samsung SDI, Samsung Display, LG Group, Hankook Tire, and Sebang Battery, thereby maintaining a virtuous cycle of sales leading to investments.
The BMW Group’s reinvestment in the Korean market goes beyond mere part purchases. The company demonstrates its commitment to contributing to the Korean economy and mutual growth through various initiatives.
Hana Sang-yoon, the representative of BMW Group Korea, expressed, “We are very pleased and proud to incorporate parts containing advanced technology from Korean companies into BMW models, which will be showcased in the global market. We will continue to contribute to the role of a bridge for Korean companies expanding into the global market.” Notably, BMW Group Korea was recognized for its contributions to pioneering new markets by receiving the Prime Minister’s Commendation in the ‘New Market Development’ category during the 59th Trade Day ceremony in 2022.
Moreover, BMW Group Korea continues its investments toward the future and sustainability of Korean society. It is actively expanding electric vehicle charging infrastructure through the ‘Charging NEXT’ project, aiming to increase the total number of electric vehicle chargers from over 1,000 currently installed to 2,100 by the end of the year. Additionally, they consistently support future generations in Korea through the BMW Korea Future Foundation.
Both the BMW Group and BMW Group Korea aim to strengthen a virtuous economic structure that allows foreign companies to contribute to Korean society through various investment activities that foster mutual growth.
By Jang In-seong daedusj@autodiary.kr