Hyundai Glovis expands global logistics and green energy
The logistics provider reports that distribution and sales account for 48.89% of consolidated revenue.
The logistics provider Hyundai Glovis is diversifying its operational footprint through new infrastructure in North America and Russia. The company opened a complex logistics center in LA and an integrated warehouse in Savannah during the first quarter to improve supply chain flexibility in the United States. Additionally, the company leased warehouse facilities at the Meridian Svitino complex in the Moscow region to target non-affiliated cargo volumes in the Russian market.
Distribution and sales represent the largest portion of the company's business at 48.89% of consolidated revenue, followed by general logistics at 32.36% and shipping at 18.75%,. The company's primary clients are Kia and Hyundai Motor. To support these operations, the company reduced its number of consolidated subsidiaries from 44 to 38 after the dissolution of six shipping special purpose companies.
Environmental initiatives are now integrated into the company's long-term strategy, with a goal to achieve carbon neutrality by 2045. The company plans to reduce emissions by 20.7% by 2030 and 70.5% by 2040 compared to 2021 levels. These targets involve adopting low-carbon fuel trucks and eco-friendly vessels such as ammonia and LNG propulsion ships.
New business ventures focus on the circular economy and digital transformation. The company intends to operate a global recovery and transport system for used electric vehicle batteries. It is also investing in smart logistics solutions using artificial intelligence, robotics, and simulation algorithms to optimize client environments.
Recent corporate actions include the acquisition of the software firm Altiol to expand smart logistics capabilities and the establishment of a Thailand entity to enter the ASEAN market. The company also obtained an A3 corporate credit rating from Moody's.