South Korea’s Hyundai Glovis has signed a memorandum of understanding (MOU) with BYD, China’s leading electric vehicle (EV) manufacturer, to form a strategic partnership focused on car transportation.
The alliance aims to boost Hyundai Glovis’s client base beyond its traditional automaker affiliates, Hyundai Motor and Kia, while supporting BYD’s rapidly expanding overseas shipments.
Under the agreement, the companies will explore joint utilization of their Pure Car and Truck Carriers (PCTCs), specialized vessels designed for vehicle transport.
Hyundai Glovis, currently the world’s third-largest car shipping company, operates 81 PCTCs and plans to expand its fleet to 102 vessels by 2026 and 128 by 2030. The new ships, capable of carrying up to 10,000 vehicles, promise a 15% increase in efficiency compared to existing carriers.
BYD, aggressively ramping up exports, has also secured two PCTCs under long-term lease agreements and placed orders for two additional vessels. The company shipped over 240,000 units globally in 2023 and aims to double that number to 500,000 in 2024, with a long-term goal of 1 million units by 2025.
Hyundai Glovis, which primarily handles vehicles from Hyundai Motor Group, including Kia, has also expanded its services to Volkswagen and other global automakers.
The company’s strategic plan includes increasing its revenue from unaffiliated clients like BYD to 50% within the next five years, reflecting the growing demand for vehicle maritime transport, especially driven by Chinese EV exports.
