BMW has committed to strengthen its ties with South Korean suppliers as an integral part of its global product development strategy. The German automobile behemoth is planning a significant $4.7 billion investment in components procurement from these suppliers by 2023. This move clearly reflects BMW’s focus on Asia as a critical location for sourcing vehicle materials.
The company’s recent inauguration of a Research and Development (R&D) centre in South Korea underscores its dedication to encouraging local auto startups.
Strengthening BMW’s Korean supplier relationships
The R&D centre showcases BMW’s bid to facilitate technological progress in the automotive sector, particularly in emerging markets.
Jochen Goller, a key figure in BMW’s administration, highlighted the company’s dedication to Korea’s Electric Vehicle (EV) market during the R&D centre’s launch. He underlined the facility’s crucial role in promoting sustainable mobility solutions, which are gradually driving South Korea’s shift towards electric vehicles.
BMW’s integration of domestic car GPS technology in its vehicles has proven a successful strategy, securing BMW’s providential position in the South Korean automotive industry. BMW remains a foremost foreign car company in South Korea, outperforming competitors such as Mercedes-Benz.
The newly established R&D centre primarily aims at spurring technology advancements and nurturing relationships with startups. It aspires to enhance the nation’s automotive ecosystem by extending valuable resources and support, leading to significant automotive technological and innovation breakthroughs.
BMW’s growing influence in South Korea promises an increase in investment and possible collaborations, which could solidify the nation’s status in the global market and herald an unparalleled era of consistent innovation and progress for the German auto brand, Korean automotive startups, and promising clientele.
Feeling stuck in self-doubt?
Stop trying to fix yourself and start embracing who you are. Join the free 7-day self-discovery challenge and learn how to transform negative emotions into personal growth.
