Hyundai Glovis said Nov. 28 it has set up two joint ventures in China to advance into the local secondhand car and shipping markets.
The logistics unit of Hyundai Motor Group and Beijing Changjiu Logistics have formed two separate joint ventures -- Beijing Changjiu Glovis Automobile Service and Shanghai Changjiu Glovis Shipping -- with an aim to begin their operations early next year, the company said in a statement.
Hyundai Glovis didn’t provide details about the JVs such as each company‘s stake ownership and investment size.
“We are targeting to sell 70,000 secondhand vehicles for five years from 2020 to 2024 using Changjiu’s sales network across China,” a company spokesman said.
China’s secondhand car market has much room to grow. New car registrations reached 28.08 million units in China last year, but used car sales stood at 13.82 million units valued at 133 trillion won ($113 billion), the statement said.
Shanghai Changjiu Glovis Shipping will focus on delivering completed vehicles in Southeast Asian markets using Hyundai Glovis’ 60 pure car and truck carriers and Changjiu’s six vessels, the statement said.
By Ram Garikipati and newswires (firstname.lastname@example.org)