GM and Hyundai to Explore Collaboration on Vehicles, Tech, Supply Chain
General Motors and Hyundai have signed a Memorandum of Understanding (MoU) to explore future collaboration across key strategic areas, looking for ways to “leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster.”
More specifically, the two automakers are mulling the co-development and production of passenger and commercial vehicles, internal combustion engines, as well as battery-electric and hydrogen technologies.
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They also will review opportunities for combined sourcing in battery raw materials, steel and other areas.
“GM and Hyundai have complementary strengths and talented teams,” GM Chair and CEO Mary Barra said. “Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.”
“This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies,” Hyundai Motor Group Executive Chair Euisun Chung noted.
To be clear, today’s MoU is non-binding, but the two automakers will immediately begin assessing opportunities and progression towards binding agreements.
About a year ago, in October 2023, GM and Honda agreed to scrap a tie-up that was aimed at producing affordable electric vehicles from 2027. No reason was given, but the announcement came amidst scaled-back EV plans across the industry due to cooling demand.