Tesla Signs 1-year, $422m Contract With Hyundai Glovis To Ship Made-in-China Cars To Other Markets

US EV maker Tesla signs 1-year, $422m contract with Hyundai Glovis to ship Made-in-China cars to other markets.

The contract is the largest Hyundai Glovis has received from a single automaker since it entered the industry 13 years ago.

Hyundai Glovis is a South Korean logistic company and it is part of the Hyundai Kia Automotive Group.

Its fleet includes 60 Pure Car and Trucks carriers and 36 bulk carrier ships, deployed on 13 different service routes globally.

Tesla’s Giga Shanghai in China currently produces the Model 3 and Model Y electric vehicles.

Tesla has signed a one-year, $422 million contract with South Korean logistic company Hyundai Glovis Co., Ltd. to transport vehicles from the automaker’s Gigafactory in China to other markets.

The Hyundai Glovis Co., is part of the Hyundai Kia Automotive Group and its fleet includes 60 Pure Car and Trucks carriers and 36 bulk carrier ships, deployed on 13 different service routes globally.

Hyundai Glovis

The Tesla contract is the largest Hyundai Glovis has received from a single automaker since it entered the industry 13 years ago, according to TradeWinds, which tracks global shipping.

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Tesla has been using Gigafactory Shanghai, located on the southern shores of the Shanghai coast, as an export hub for its vehicles for the majority of 2021.

Late last year, the company started exporting China-made electric vehicles to dealerships in European countries, including Germany, France, Italy, Spain, Portugal and Switzerland.

Data from the China Passenger Car Association (CPCA) shows that Tesla China has exported a total of 152,090 vehicles this year through the end of November.

Tesla’s Giga Shanghai currently produces the Model 3 and Model Y vehicles, its most popular models, with 232,102 units delivered worldwide in the third quarter.

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