Hyundai Glovis said Thursday it has launched two joint ventures in China to make a foray into the local used car and shipping markets.
The subsidiary of Hyundai Motor Group and Beijing Changjiu Logistics have set up two separate JVs -- Beijing Changjiu Glovis Automobile Service and Shanghai Changjiu Glovis Shipping.
The two JVs will be launched early next year, the company said without disclosing the size of investments.
The first JV seeks to target China’s growing secondhand car market, which has been growing at an average of 15 percent annually. By 2023, it is expected to exceed the new car market in terms of sales.
The JV for shipping, meanwhile, will focus on delivering finished vehicles to Southeast Asian nations using Hyundai Glovis’ 60 pure car and truck carriers and Changjiu’s six vessels.
By Cho Chung-un (firstname.lastname@example.org)