Market Chatter: Hyundai Glovis, BYD Team Up for Logistics Venture

MT Newswires Live

2024/09/26

Hyundai Motor Group's logistics subsidiary Hyundai Glovis (KRX:086280) has partnered with China-based electric car maker BYD (HKG:1211) in a logistics venture, Yonhap News reported Wednesday.

The two businesses will work together in providing logistics forwarding services and share their vessels to ship vehicles, Hyundai Glovis said.

Hyundai Glovis said it targets a rise in the shares of sales earned from non-affiliated clients to 50% by 2030.

Hyundai Glovis shares surged more than 6% while BYD shares rose above 3% in recent trade.

Price (HKD): $124500.00, Change: $+7100, Percent Change: +6.05%

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