|Hyundai Glovis CEO Kim Jung-hoon, third from left, and All Now Director Tarin Thaniyavarn, second from left, pose during a memorandum of understanding signing ceremony at Four Seasons Hotel Bangkok, Tuesday. Courtesy of Hyundai Glovis|
By Park Jae-hyuk
Hyundai Glovis established a joint venture in Thailand with a local automotive parts manufacturer and a logistics company there to accelerate efforts to expand its presence in the Southeast Asian market, the company said Thursday.
The new company, named Hyundai Glovis Logistics Thailand, will operate 150 electric trucks to transport products to 7-Eleven convenience stores in Bangkok from logistics centers belonging to CP Group, Thailand's largest conglomerate.
Hyundai Glovis and All Now Management also signed a memorandum of understanding to develop various business models based on eco-friendly logistics services using electric and hydrogen vehicles, as well as on smarter services using micro-fulfillment centers, drones and robots.
In addition, the Korean firm plans to participate in the automotive parts transportation business of Summit Auto Body Industry, one of its local partners for the joint venture.
In collaboration with its other local partner, Eastern Air Logistics, the logistics unit of Hyundai Motor Group will provide global manufacturers with third-party logistics (3PL) services that refer to the use of third-party businesses to outsource distribution, warehousing and fulfillment services.
"We plan to settle in the Thailand logistics market with a successful logistics business with CP group," a Hyundai Glovis official said. "We will strengthen our position as a global leading logistics company by expanding from Thailand, Vietnam and Indonesia to other neighboring ASEAN countries."