President and CEO Lee Gyu-bok of Hyundai Glovis said on the 26th that the company will aggressively expand non-affiliate business to fundamentally strengthen its business structure.
At the 25th annual general meeting of shareholders held at the Seongsu-dong headquarters in Seoul on the 26th, Lee said in his greeting, "This year, too, new challenges and opportunities are coming to global supply chains as a whole at the same time due to changes in trade policies in major countries such as the United States and rising crises in the Middle East," adding this.
Hyundai Glovis plans to strengthen competitiveness across all institutional sectors and expand non-affiliate business to respond to changes in the global landscape. First, it will strengthen operational competitiveness at key global hubs to enhance responsiveness to non-affiliate customers and build a comprehensive logistics portfolio spanning land, sea, and air. It will also improve service quality and profitability together through automation and advanced digital-based operations.
In the shipping business, it plans to strengthen cost competitiveness through a fleet operation centered on fixed vessels and, based on this, expand strategic collaboration with global finished car makers in China. It also emphasized that it will gradually expand its sales scope to commercial vehicles and construction machinery and increase its business base to respond to future demand such as eco-friendly energy transport to enhance growth potential.
In the distribution institutional sector, it will expand the countries supplying completely knocked down (CKD) kits and strengthen global supply chain competitiveness through automation-based operational efficiency. It also plans to create sustainable growth opportunities in new areas such as used cars and strategic material distribution in connection with the group.
Lee said, "We will use our mid- to long-term growth strategy as the standard for execution and focus on proving it with results," adding, "Based on asset-based competitiveness such as rationalizing fleet operations, we will strengthen a virtuous cycle that connects financial performance to investment in revenue-type assets and securing future growth bases."
Lee also said the company will optimize logistics and supply chains for Hyundai Motor Group's artificial intelligence (AI) Robotics transition.
At the shareholders meeting that day, items including approval of the financial statements, partial amendments to the articles of incorporation, appointment of directors, separate election of outside directors to serve as audit committee members, and approval of the limit on directors' remuneration were submitted and all passed as originally proposed.