BMW Group Korea purchased components worth 4.5 billion euros from South Korean suppliers in 2023. (Image courtesy of BMW Group Korea)
SEOUL, Apr. 16 (Korea Bizwire) — BMW Group Korea announced on April 15 that the German automaker purchased components worth 4.5 billion euros (approximately 6.63 trillion won) from South Korean suppliers in 2023, a figure that surpasses the company’s total revenue of 6.17 trillion won in the country last year.
The 2023 purchase amount represents a 25% increase compared to the previous year, underscoring the growing importance of South Korean companies in BMW Group’s global supply chain.
From 2010 to 2023, the cumulative value of parts purchased by BMW Group from domestic suppliers reached a staggering 30.78 trillion won.
The automaker’s spending on South Korean-made components has shown a consistent upward trend over the years. In 2010, the company purchased 711.9 billion won in parts, before crossing the 1 trillion won mark in 2014. By 2022, it had surpassed 4 trillion won, and last year’s figure breached the 6 trillion won threshold.
BMW Group has been sourcing a diverse range of components, including advanced technologies like electric vehicle batteries and displays, from over 30 South Korean partner companies, such as Samsung SDI, Samsung Display, LG Group, Hankook Tire, and Sebang Battery.
“Moving forward, we will continue to play a bridging role in supporting South Korean companies’ expansion into global markets,” said Han Sang-yun, the president of BMW Group Korea.
In addition to strengthening its supply chain ties, BMW Group Korea is also ramping up its future-oriented investments in the country.
Currently, the company is undertaking the “Charging Next” project to expand its electric vehicle charging infrastructure. It plans to increase the number of charging stations nationwide from the existing 1,000 units to 2,100 by the end of this year.
Furthermore, the BMW Korea Future Fund continues to engage in educational philanthropic activities and other initiatives.
Kevin Lee (kevinlee@koreabizwire.com)
