(From L to R) CP Group Vice Chairman Korsak Chairasmisak, CP All Now CEO Tarin Thaniyavarn, Hyundai Glovis CEO Kim Jung-hoo and Hyundai Glovis Vice President Park Man-soo pose for a photo at a signing ceremony in Bangkok, Thailand, on May 17, 2022, in this photo later provided by Hyundai Glovis.
SEOUL, May 19 (Korea Bizwire) — Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Thursday it has set up a subsidiary in Thailand in a joint venture with Thai companies as part of efforts to expand its foothold in Southeast Asia.
The partnership with Charoen Pokphand Group, or CP Group, a major food-to-retail enterprise, and two other auto parts and logistics firms, will help the South Korean company make a foray into the logistics market and the automotive parts supply chain in Thailand, Hyundai Glovis said in a release.
Hyundai Glovis will engage in the commercial delivery of goods from local CP distribution centers to stores located across Bangkok. Some 150 electric vehicles will be used for the transportation.
In the long term, Hyundai Glovis plans to seek opportunities for sustainable logistics businesses, such as delivery by electric or hydrogen vehicles, and smart logistics using drones or robots, it said.
With the partnership, Hyundai Glovis said it will seek to establish a firm foothold in Southeast Asia, an emerging logistics hub. Hyundai Glovis set up its first Southeast Asian subsidiary in Vietnam in 2019 and in Indonesia the next last year.
(Yonhap)
