Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Now is no time to add pressure on businesses: top executives

    Now is no time to add pressure on businesses: top executives
  2. 2

    CJ CheilJedang to spur overseas growth with new Hungary, US plants

    CJ CheilJedang to spur overseas growth with new Hungary, US plants
  3. 3

    Seoul to host winter festival from Dec. 13

    Seoul to host winter festival from Dec. 13
  4. 4

    Nationwide rail disruptions feared as union plans strike from Dec. 5

    Nationwide rail disruptions feared as union plans strike from Dec. 5
  5. 5

    Blackpink's solo journeys: Complementary paths, not competition

    Blackpink's solo journeys: Complementary paths, not competition
  1. 6

    N. Korea, Russia court softer image: From animal diplomacy to tourism

    N. Korea, Russia court softer image: From animal diplomacy to tourism
  2. 7

    Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid

    Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid
  3. 8

    [Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts

    [Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts
  4. 9

    Actor Song Joong-ki welcomes second child in Rome

    Actor Song Joong-ki welcomes second child in Rome
  5. 10

    Main opposition pushes to ease, not postpone, tax on crypto gains

    Main opposition pushes to ease, not postpone, tax on crypto gains
지나쌤

Hyundai Glovis enters used car, shipping markets in China

By Cho Chung-un

Published : Nov. 28, 2019 - 17:16

    • Link copied

Hyundai Glovis said Thursday it has launched two joint ventures in China to make a foray into the local used car and shipping markets.

The subsidiary of Hyundai Motor Group and Beijing Changjiu Logistics have set up two separate JVs -- Beijing Changjiu Glovis Automobile Service and Shanghai Changjiu Glovis Shipping.

(Hyundai Glovis) (Hyundai Glovis)


The two JVs will be launched early next year, the company said without disclosing the size of investments.

The first JV seeks to target China’s growing secondhand car market, which has been growing at an average of 15 percent annually. By 2023, it is expected to exceed the new car market in terms of sales.

The JV for shipping, meanwhile, will focus on delivering finished vehicles to Southeast Asian nations using Hyundai Glovis’ 60 pure car and truck carriers and Changjiu’s six vessels.

By Cho Chung-un (christory@heraldcorp.com)

More from Headlines