Hyundai Glovis and Socar Sign MOU for New Business Partnership Based on Smart Solutions

Hyundai Glovis announced on the 6th that it has signed a "Comprehensive Business Agreement (MOU) on New Business Partnership" with Socar. At the signing ceremony held recently at the Hyundai Glovis headquarters in Seongsu-dong, Seoul, Kim Jeong-hoon, CEO of Hyundai Glovis (left), and Park Jae-wook, CEO of Socar, are taking a commemorative photo.

Photo by Hyundai Glovis

[Asia Economy Reporter Yoo Hyun-seok] Global SCM specialist Hyundai Glovis announced on the 6th that it has signed a comprehensive business agreement (MOU) on new business partnership with mobility innovation platform operator Socar.

According to the agreement, both companies will jointly develop businesses and promote technological cooperation in a wide range of fields, including smart solution-based logistics businesses. As leading companies in the domestic logistics and car-sharing markets, they plan to develop and verify mutually innovative business models based on their business capabilities and assets.

Hyundai Glovis, focusing on future logistics technology development such as logistics robots, intends to accelerate the establishment of next-generation smart logistics solution technologies through this cooperation with Socar.

Socar operates up to 18,000 vehicles annually and integrates technologies and data such as connected (communication-type) black boxes and self-developed vehicle control terminals for vehicle deployment, management, and maintenance.

To advance logistics technology, Hyundai Glovis plans to share data-based vehicle control and management systems with Socar to explore new business opportunities and collaborate on the demonstration of AI-based vehicle exterior inspection technology.

Additionally, Hyundai Glovis aims to enhance information reliability and user convenience by applying data-based AI technology during Socar vehicle usage. Currently, users must simply take photos of the vehicle exterior within the Socar application before using the vehicle to register data such as accident history.

Furthermore, both companies agreed to cooperate in the future energy sector. They plan to proactively respond to the electric vehicle (EV) battery-related market, which is expected to grow alongside the EV market. The blueprint includes establishing future eco-friendly energy solution strategies through EV-related technology demonstrations.

Preparations for demonstration projects will be completed in the first half of this year, with full-scale implementation starting in the second half. They plan to verify the applicability and business feasibility of smart logistics technologies and new energy-related technologies in safe environments such as Socar zones and Socar stations.

Moreover, they will consider developing last-mile service models combining Hyundai Glovis’s logistics technology capabilities and Socar’s mobility infrastructure. They will also explore possibilities for entering overseas mobility markets.

A Socar official stated, “As both companies operate large-scale vehicle fleet-based services, we expect to create synergies in various areas as technology advancement partners. Through the MOU with Glovis, Socar, as a mobility innovation platform company, will be able to pioneer smart logistics technology and energy platform sectors.”

A Hyundai Glovis official said, “Although we operate different businesses, we expect to strengthen the competitiveness of existing businesses and discover new business opportunities by combining our business areas and capabilities. We will continue to prepare for future logistics by cooperating with promising companies across various industries and sectors.”

This content was produced with the assistance of AI translation services.