Samsung Electronics Chairman Lee Jae-yong (left) and BMW CEO Oliver Zipse (right) talk about BMW’s latest electric car, the New i7, at the BMW Driving Center in Yeongjongdo, Incheon, Korea, in December 2022.
Germany’s BMW Group said on April 15 that it bought about 6,535 trillion won worth of auto parts made by Korean companies, including batteries, displays and tires, in 2023. BMW Korea generated more than 6,106.6 billion won in sales in Korea in 2023.
BMW’s purchases of parts from Korean companies have been on a steep rise in recent years. After hitting about 71.19 billion won in 2010, it surpassed one trillion won for the first time in 2014 and is expected to reach 4 trillion won in 2022. Last year saw a 54 percent increase from 2022. This change is the result of the onset of a transition to electric vehicles, as well as the increased use of IT systems and parts in automobiles, which requires more expensive electronic components.
Large Korean business groups such as Samsung and LG, which have begun to focus on automotive electronics as their next major business area, are increasingly supplying BMW with key components. In fact, BMW cited more than 30 Korean companies as major suppliers. The 30 Korean companies included Samsung SDI, Samsung Display, LG Group, Hankook Tire, and Sebang Global Battery.
In addition to using more Korean-made auto parts, BMW plans to further invest in infrastructure. Through its Charging Next project, the German automaker plans to increase the number of electric vehicle chargers installed by it in Korea from the current 1,000 to 2,100 within this year.
