Hyundai & GM to Explore Collaboration on Vehicles & Clean-Energy Technologies

Hyundai Motor Company and General Motors have signed an agreement to explore future collaboration across key strategic areas. They will look for ways to leverage their scale and strengths to bring a wider range of vehicles and technologies to customers faster.

Potential collaboration projects centre on co-development and production of passenger and commercial vehicles, internal combustion engines and clean-energy, electric and hydrogen technologies.

The two global OEMs also will review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas.

The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra.

Following the signing of the non-binding Memorandum of Understanding (MoU), assessment of opportunities and progression towards binding agreements will begin immediately.

Barra states: "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." 

Chung adds: "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 Company is present in over 200 countries with more than 120,000 employees