Hyundai Motor strikes $4.2B deal with EUKOR car carriers
01/01/2025 01:36 AM
Hyundai Motor Group signed a $4.2 billion deal with EUKOR car carriers to expand vehicle exports for its Hyundai and Kia brands.
EUKOR's billion-dollar deal with Hyundai Motor Group extends the pair's partnership from three to five years. It also increases the car carrier company's Hyundai and Kia exports from 40% to 50%.
EUKOR's CEO Xavier Leroi commented that the car carrier company's contract with Hyundai was a "historic milestone." According to Wilhelmsen CEO Lasse Cristoffersen, the deal confirms EUKOR's strong position in South Korea. It also adds more export volumes from China.
Hyundai holds 20% ownership of EUKOR. The South Korean car company expanded its vehicle export business in 2024. In September, its logistics company—Hyundai Glovis Co.— signed a Memorandum of Understanding with China's top automaker BYD. In 2021, Tesla signed a $422 million contract with Hyundai Glovis.
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