Hyundai Motor Group logistics subsidiary, Hyundai Glovis, this week announced it had won a five year contract worth US$432m to ship vehicles for Volkswagen Group.
The deal, which runs until the end of 2024, was signed with VW logistics subsidiary Volkswagen Konzernlogistik to ship Audi, Volkswagen, Porsche and Bentley vehicles from Europe to China.
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Hyundai Glovis told local reporters "we already have some shipping contracts with Volkswagen Group, between East Asia and North America and between North America and Europe, but until now we haven't had enough volume to open the route between Europe to East Asia".
The deal with Volkswagen provides stable business volume to open this route.
Hyundai Glovis employed 7,656 people globally at the end of 2019 and generated a turnover of KRW2.05trn (US$1.7bn) last year, of which 53% came from vehicle shipping and related business within the Hyundai Motor Group, including Hyundai Motor, Kia Motors and affiliated companies.
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By GlobalData
