General Motors (GM) and Hyundai Motor Company have signed an agreement to explore strategic collaboration, with a focus on accelerating the development of clean energy technologies. The partnership aims to combine their strengths to reduce costs and bring cutting-edge technologies to market faster.
The two automakers will explore joint development and production of passenger and commercial vehicle, as well as advancements in clean-energy technologies and hydrogen technology. Additionally, they will look for opportunities in sourcing of battery raw materials and steel, to enhance cost efficiencies and drive innovation.
The non-binding Memorandum of Understanding was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Barra emphasised the potential of the collaboration to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation.
“GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently,” said Barra.
Hyundai and GM’s flexibility and agility will allow both companies to explore the development of their shared capabilities. “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,” said Chung.