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BYD and Hyundai are teaming up to export cars. The Chinese EV maker recently signed a Memorandum of Understanding (MOU) with Hyundai Glovis Co.—the South Korean automaker’s logistics company.
The agreement with BYD and Hyundai Glovis is highly beneficial to both companies and their future goals. Hyundai’s logistics company aims to secure more foreign automaker clients. The South Korean company aims to increase its car shipping revenue from foreign car makers by 50%.
Meanwhile, BYD believes its overseas market will account for 50% of total sales in the future. It has already started preparing for its forecast by securing two pure car and truck carriers (PCTC) under a long-term lease agreement. BYD also had orders for two additional PCTCs from a supplier in China.
According to the companies’ MOU, BYD and Hyundai Glovis will jointly explore using their PCTCs. Hyundai’s logistics company is already the third-largest car shipping company in the world. As of 2023, it operates 81 PCTCs.
According to South Korean news outlets, Hyundai Glovis plans to expand its fleet of car transport ships to 102 units by 2026 and 128 units by 2030. The logistics company is preparing to purchase a ship capable of transporting up to 10,000 vehicles at once, with an increased efficiency of 15% compared to other car carriers.
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