General Motors and Hyundai Motor Company are investigating ways to work together. The automakers recently signed a Memorandum of Understanding to explore collaboration across key strategic areas, those being vehicle development, along with manufacturing/supply chain and future clean energy technologies. The automakers say the collaboration will allow them to target improved efficiencies and increased competitiveness.
Specifically, GM and Hyundai say they'll look for ways to leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster. Potential collaboration projects center on co-development and production of passenger and commercial vehicles, internal combustion engines and clean-energy, electric and hydrogen technologies. They could also collaborate on 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.
Barra said a partnership between the two companies has the potential 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 CEO Mary 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.
The non-binding Memorandum of Understanding was signed September 12, 2024.
Photo: GM/Hyundai.