Hyundai Glovis receives $1.6 bn order from global carmaker

Hyundai Glovis announced on Wednesday that it received an order worth 2.2 trillion won ($1.6 billion) from a global carmaker, a record-high vehicle delivery contract for the company. 

Under the deal, Hyundai Glovis will deliver the unidentified carmaker’s vehicles to Europe, the United States and Asia for three years from 2023.

Further details of the contract remain under wraps based on mutual agreement, Hyundai Glovis said in a statement.

The logistics arm of the Hyundai Motor Group plans to generate more revenue in marine transportation of vehicles with preemptive investments, such as creating a shipping service specializing in electric vehicle transport. 

Previously, Hyundai Glovis received most of its orders from its affiliates Hyundai Motor Co. and Kia Corp. 

Only 12% of its vehicle shipping orders were from outside the Hyundai Motor Group in 2010 but the ratio increased to 40% in 2016.

The ratio continued to climb each year from 2018 to exceed 60% of total shipping orders last year. 

Two years ago, Hyundai Glovis signed a five-year vehicle delivery deal with Germany’s Volkswagen AG as part of the company's push to bolster its position in the global vehicle shipping market.

Write to Han-Shin Park at phs@hankyung.com
Jee Abbey Lee edited this article.