April 25, 2024
Automobiles
Carriers hit by auto market slump
[THE INVESTOR] Logistics firms, which carry vehicles produced by Hyundai Motor, suffered a setback in the third quarter following the slump in outbound shipments, industry sources said on Dec. 13.
According to the sources, Hyundai Glovis posted 1.54 trillion won (US$1.32 billion) in sales from shipping autos overseas in the third quarter of the year, down 8.2 percent from a year earlier.
The logistics firm’s slump came as the country’s two major automakers have seen their production decline in the wake of labor strikes.
EUKOR Car Carriers, a shipping firm that mostly handles Hyundai and Kia’s vehicle exports, was reportedly hit by the strikes. Hyundai and Kia own a combined 20 percent stake in EUKOR Car Carriers, while Norwegian shipping line Wilh.Wilhelmsen and leading Swedish shipping group Wallenius Lines each own a 40 percent stake in the company.
(theinvestor@heraldcorp.com)
According to the sources, Hyundai Glovis posted 1.54 trillion won (US$1.32 billion) in sales from shipping autos overseas in the third quarter of the year, down 8.2 percent from a year earlier.
The logistics firm’s slump came as the country’s two major automakers have seen their production decline in the wake of labor strikes.
EUKOR Car Carriers, a shipping firm that mostly handles Hyundai and Kia’s vehicle exports, was reportedly hit by the strikes. Hyundai and Kia own a combined 20 percent stake in EUKOR Car Carriers, while Norwegian shipping line Wilh.Wilhelmsen and leading Swedish shipping group Wallenius Lines each own a 40 percent stake in the company.
(theinvestor@heraldcorp.com)
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