Hyundai Glovis Eyes China's Used Car Market
30 November, 2019
Hyundai Glovis is entering China's used-car market, which is scaled at more than W100 trillion (US$1=W1,180).
Hyundai Glovis was established to handle the transport of vehicles of affiliates Hyundai and Kia but has been branching out into the fuel tanker and transport business in China.
On Thursday, the company said it has signed a deal with Beijing Changjiu Logistics to set up a joint venture in China to establish a used-car dealership chain as well as a vehicle-transport operation.
/Courtesy of Hyundai Glovis
Changjiu, China's largest car sales and logistics company, operates 75 dealerships across China which are in charge of distributing a dozen auto brands.
New car sales in China peaked at 28.1 million vehicles last year, but used-car sales are still growing by some 10 percent annually and reached 13.8 million vehicles in 2018. Analysts forecast growth to accelerate to more than 15 percent a year and surpass new car sales in 2023.
The two partners hope to expand the transport of vehicles to Southeast Asia.
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