GM and Hyundai to explore joint vehicle development projects
ECONOMY & POLICY

GM and Hyundai to explore joint vehicle development projects

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)

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)

Next Story
Real Estate

Dharavi Rising!

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Infrastructure Urban

Patel Engineering Secures Two Projects Worth Rs 20.37 Billion

Patel Engineering Ltd has secured two important infrastructure projects valued at Rs 20.37 billion. The company received an order from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) for dam construction and associated works in Maharashtra. The project will be executed over a period of 42 months. Another project, awarded by the North Eastern Electric Power Corporation Ltd (NEEPCO), involves the development of a 240 MW hydropower project in Arunachal Pradesh. The project scope includes civil construction, testing, commissioning, and installation of hydro-mechanical e..

Next Story
Infrastructure Urban

M B Patil Seeks Centre’s Support For Karnataka’s Industrial Growth

Karnataka’s Minister for Large and Medium Industries M B Patil has urged the central government to support the state in strengthening freight corridors and logistic infrastructure. He was speaking at a round table on ‘Focussing on the Steel Sector in the State of Karnataka’ during the 6th edition of India Steel-25, an International Conference-cum-Exhibition organised by the Ministry of Steel. Patil highlighted Karnataka’s contribution of 15 per cent to India’s steel production and the efforts by the state government to promote cluster-based development, integrated industrial corrido..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?