General Motors and Hyundai Forge Partnership to Drive Vehicle Innovation and Technology Advancement
General Motors (NYSE: GM) and Hyundai Motor Company (KRX: 005380 KS) have agreed to explore future collaboration across critical strategic areas.
GM and Hyundai will seek ways to capitalise on their complementary scale and strengths to cut costs and quickly deliver a broader range of vehicles and technologies to customers.
Potential collaboration projects focus on the co-development and production of passenger and commercial vehicles, internal combustion engines, and clean-energy, electric, and hydrogen technologies.
The two leading global OEMs will also explore opportunities for combined sourcing of raw materials for batteries and steel.
Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra signed the framework agreement.
Barra stated that a partnership between the two companies could enhance vehicle development efficiency by promoting a grander scale and supporting disciplined capital allocation.
"GM and Hyundai possess complementary strengths and talented teams. Our objective is to harness the scale and creativity of both companies to deliver more competitive vehicles to customers more quickly and efficiently," Barra commented.
Hyundai and GM’s flexibility and agility will further enable both companies to develop their shared capabilities.
"This partnership will allow Hyundai Motor and GM to assess opportunities to boost competitiveness in key markets and vehicle segments, drive cost efficiencies, and enhance customer value through our combined expertise and innovative technologies," Chung noted.
After signing the non-binding Memorandum of Understanding, opportunities will be assessed, and progress towards binding agreements will commence immediately.
