Hyundai Motor Co. and General Motors (GM) recently signed an agreement to explore future collaboration.
“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 said.
GM Chairwoman and CEO Mary Barra said the partnership allows the two companies to more efficiently develop vehicles by driving greater scale and supporting disciplined capital allocation.
Potential collaboration projects include the co-development and production of electric and hydrogen technologies, internal combustion engines and clean-energy, and passenger and commercial vehicles.
The companies will explore the development of their shared capabilities. This includes:
The companies will discover ways to leverage their complementary scale and strengths to reduce costs and bring vehicles and technologies to customers faster.
The companies will review opportunities for combined sourcing for battery raw materials, steel and other materials.
GM, its subsidiaries and its joint venture entities sell vehicles under the brands Baojun, Buick, Cadillac, Chevrolet, GMC, and Wuling.
Hyundai has more than 120,000 employees and a presence in more than 200 countries. It is working on hydrogen fuel cell and electric vehicle technologies.