SEOUL, June 2 (Yonhap) — Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Wednesday it will strengthen electric vehicle-carrying services due to growing market demand for EV models.
Hyundai Glovis aims to win more EV-carrying deals this year to prop up its bottom line after shipping about 180,000 EVs, or 40 percent of global EV shipments, last year, the company said in a statement.
To cement its leading status, the company plans to provide a specialized EV ocean transportation service, which covers from loading, shipment and unloading to car manufacturers and EV-only brands, it said.
The world’s EV market is expected to grow an average of 29 percent each year in the next 10 years to reach 11.2 million units in 2025 from an estimated 2.5 million units this year, according to Deloitte consulting services.
In the January-March period, Hyundai Glovis’ net profit fell 19 percent to 129.59 billion won (US$117 million) from 160.49 billion won a year earlier amid the COVID-19 pandemic.