GM and Hyundai to explore joint vehicle development projects

13 Sep 2024 CW Team

General Motors (GM) and Hyundai Motor Co. have announced plans to explore collaboration across key strategic areas, including potential joint vehicle development, supply chain solutions, and clean-energy technologies. The two automakers signed a non-binding memorandum of understanding to examine how their complementary strengths can reduce costs and accelerate the delivery of new vehicles and technologies.

With increasing pressure from stringent vehicle emissions regulations and competition in the global market, automakers are facing substantial capital costs to develop electric vehicles (EVs), batteries, and advanced technologies like autonomous driving. This potential collaboration between GM and Hyundai focuses on the co-development and production of passenger and commercial vehicles, internal combustion engines, and clean-energy technologies, including electric and hydrogen-powered solutions.

The companies will also explore combined sourcing for essential materials such as battery components and steel, with an immediate plan to assess opportunities for binding agreements. The agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra.

"Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently," Barra said. Chung added that the collaboration aims to enhance competitiveness in key markets, improve cost efficiency, and provide stronger customer value.

This agreement comes after GM and Honda scrapped a similar collaboration in 2023, highlighting the challenges automakers face as they strive to compete in the fast-evolving EV market.

(ET)

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