Hyundai Glovis, China’s BYD sign MOU for logistics partnership

Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Wednesday it has signed an initial pact with Chinese electric automaker BYD for partnership in the logistics business. Under the "strategic" memorandum of understanding, the two companies will cooperate in global logistics forwarding services and share vessel space to ship vehicles using each other's vessels, Hyundai Glovis said in a statement. "In the long term, (Hyundai Glovis) will consider shipping BYD's vehicles for exports using our (pure car and truck carriers) under the partnership," it said. Hyundai Glovis earns about 60 percent of sales in its vehicle shipping division by delivering cars made by its affiliates Hyundai Motor Co. and Kia Corp., with the remainder coming from deals with other entities. The company said it aims to increase the ratio of sales earned from non-affiliated clients to 50 percent by 2030. Source: Yonhap News Agency