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Hyundai Glovis signs truck supply MOU with CP All

Company executives from Hyundai Glovis and CP group take a commemorative photo after a video meeting Wednesday. [HYUNDAI GLOVIS]

Hyundai Glovis signed a memorandum of understanding with Bangkok-based CP All, which operates 7-Eleven stores in Thailand.

Under the terms of the proposed agreement, the Korean logistics company will provide vehicles to 7-Eleven for distribution purposes.

Stock Exchange of Thailand-listed CP All has been operating 7-Eleven convenience stores in the country since 1989, and it currently dominates the market with 65 percent of Thailand’s convenience stores.

Hyundai Glovis will begin by supplying electric-powered trucks this year and plans to supply internal combustion vehicles next year.

CP All is controlled by the Chearavanont family, which has interests in insurance, telecommunications, retailing and farming.

Hyundai Glovis plans to use Thailand as a stepping stone for the sale and distribution of electric vehicles (EV) in Asean. It already has a logistics hub in Singapore and a subsidiary in Vietnam.

The company says that Thailand is a key economy in Southeast Asia and an important market for the logistics company.

BY KANG JAE-EUN [kang.jaeeun@joongang.co.kr]