General Motors (GM) and Hyundai Motor Co have announced a new strategic partnership, aiming to leverage their strengths in vehicle development and clean-energy technologies.
The companies have signed a non-binding memorandum of understanding to explore joint projects in areas such as electric and hydrogen vehicles, as well as internal combustion engines.
This collaboration comes as both automakers face substantial costs and regulatory pressures to innovate and scale up their electric vehicle (EV) and battery production.
The partnership will focus on co-developing and producing a range of passenger and commercial vehicles, enhancing supply chain efficiencies, and exploring combined sourcing for battery materials and steel.
GM Chair and CEO Mary Barra and Hyundai Motor Group Executive Chair Euisun Chung have emphasized that this collaboration is intended to unlock new efficiencies and deliver advanced technologies to customers more quickly.
Both companies are committed to reviewing opportunities for binding agreements to strengthen their market positions and enhance customer value through innovation.
