Hyundai Movex hits W300b in overseas orders this year

Logistics solution provider Hyundai Movex has secured some 300 billion won ($215 million) in cumulative overseas orders this year, indicating robust future growth prospects through global business.

On June 18, Hyundai Movex signed a price-adjustment contract with Australia's Sydney Metro to install platform screen doors and mechanical gap fillers, increasing the total order value to 77.5 billion won from the 35.7 billion won contract signed in December 2022.

The company will install 360 screen doors and 170 safety boards by the end of this year, along 10 routes in Sydney's Southwest lane, covering from Marrickville to Bankstown. The introduction of a mechanical safety valve and the automatic facility that fills the gap between the passenger car and the platform is expected to enhance passenger safety and convenience.

In addition, Hyundai Movex continues to secure large-scale orders in North America, boosting the performance of its new secondary battery businesses.

In January, the company received a smart logistics order worth 20 billion won for EcoProBM's Canadian anode material plant. In April, it was selected as the automation solution provider for a global secondary battery material company in Tennessee.

Meanwhile, Hyundai Movex surpassed 400 billion won in annual orders last year, marking the highest order performance since its founding. This year, it has already exceeded 300 billion won by June with a series of large global orders.

"We are optimistic that our global expansion efforts are gradually bearing fruit, especially in our new secondary battery business," said a Hyundai Movex official. "We anticipate this year to be a pivotal moment for improved earnings, as we achieve balanced performance across various industries such as tires, distribution, logistics and the food sector."

Hyundai Movex is a key affiliate of Hyundai Group, alongside Hyundai Elevator, and is responsible for solutions businesses involving smart logistics, IT services and platform screen doors.