South Korea's Hyundai Glovis has landed a year-long shipping contract valued at KRW 501.8bn ($422m) to ferry cars produced in China to Europe starting from January.

Executives at Seoul-based Hyundai Glovis confirmed the existence of the contract but declined to comment on the identity of the automaker involved.

However, the deal has not gone unnoticed in the market, with car-carrier shipping sources identifying the counterparty as electric carmaker Tesla.