Hyundai Motor Group (HMG) logistics unit, Hyundai Glovis, this week signed a preliminary agreement with China’s largest NEV manufacturer BYD Auto to establish a strategic alliance in global shipping, according to local reports.

Hyundai Glovis in recent years has been active in diversifying its client base beyond HMG, which includes Hyundai Motor and Kia Corporation, in an effort to improve the efficiency of its global shipping operations. It already has agreements with a number of global automakers, including Volkswagen Group.

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The proposed partnership with BYD, which has been ramping up its exports from China in the last two years, is expected to be mutually beneficial. Under the memorandum of understanding, the two companies will study opportunities to “share” their pure car and truck carriers (PCTC) – purpose-built vessels for the transportation of vehicles.

According to reports, Hyundai Glovis is the world’s third largest vehicle shipping company with 81 PCTCs in operation at the end of last year serving 27 countries.

The company plans to expand its fleet to 102 vessels by 2026 and 128 by 2030, including ships that can carry up to 10,000 vehicles.

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BYD is understood to have just two PCTCs in operation which it has leased on a long term basis, with two others under construction by a Chinese shipbuilder.

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The automaker reported a 30% increase in global sales to 2.3m vehicles in the first eight months of 2024, including a 125% jump in overseas sales to 264,869 units.

The company aims to increase exports to 1m vehicles annually by 2025.