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| Hyundai Glovis CEO Kim Jung-hoon, right, shakes hands with Changjiu Chairman Bo Shi Jiu after signing agreements on establishing two joint ventures during a ceremony at the former's headquarters in Yeoksam-dong, Seoul, Thursday. Courtesy of Hyundai Glovis |
By Nam Hyun-woo
Hyundai Glovis will begin a used car business in China by setting up a joint venture with China's private car dealer and logistics firm Changjiu Group, the Hyundai Motor Group unit said Thursday.
Hyundai Glovis said the two companies also set up another shipping joint venture, to expand the logistics network linking Korea, China and Southeast Asian countries.
Hyundai Glovis CEO Kim Jung-hoon and Changjiu Chairman Bo Shi Jiu signed agreements on establishing the two joint ventures during a ceremony at the former's headquarters in Yeoksam-dong, Seoul.
Following the agreements, Glovis' Chinese body, Beijing Glovis, and automotive and logistics units of Changjiu will make investments to set up Beijing Changjiu Glovis Automobile Service and Shanghai Changjiu Glovis Shipping.
The two sides agreed to begin the used car business in Guangxi province, the base for Changjiu's dealers, from next year and expand to Henan, Shaanxi and Sichuan provinces.
In doing so, the joint venture will use Changjiu's 75 new car agencies, which is currently retailing 13 automotive brands across China.
According to the China Automobile Dealers Association, 13.82 million used cars were retailed last year, and the number has been growing 15 percent on average annually.
Hyundai Glovis said the shipping joint venture will focus on complete car shipping toward Southeast Asian countries.
A route linking China, Korea, Hong Kong and the Philippines will begin operation next year, followed by additional routes covering Thailand and Indonesia.
Hyundai Glovis is running more than 50 pure car truck carriers, and is No. 2 logistics firm in China's car exports.
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