Hyundai Motor Group and General Motors (GM) have announced a strategic partnership to co-develop future vehicles and explore other key areas of collaboration. The agreement, signed by GM Chair and CEO Mary Barra and Hyundai Motor Group Executive Chair Euisun Chung, aims to leverage the strengths of both companies to reduce costs and bring a wider range of vehicles and technologies to market faster.
Key Areas of Collaboration
The partnership will focus on developing various types of vehicles, including electric and hydrogen-powered models, as well as those with internal combustion engines. The companies will also explore collaboration on production, supply chains, and clean-energy technologies.
Vehicle Development
- Production of passenger and commercial vehicles
- Development of internal combustion engines
- Electric and hydrogen technologies
Supply Chain Optimization
The companies will investigate opportunities for combined sourcing of raw materials needed for electric vehicle batteries, aiming to enhance competitiveness and drive cost efficiencies.
Industry Context
The partnership comes as automakers face significant investments in electric vehicle development and battery technologies. Other recent collaborations in the industry include:
- Renault, Nissan, and Mitsubishi’s existing alliance
- Nissan, Honda, and Mitsubishi’s recent agreement on EVs and software
- Toyota, Mazda, and Subaru’s commitment to developing new combustion engines
Quotes from Industry Leaders
“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.” – Mary Barra, GM Chair and CEO
“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.” – Euisun Chung, Hyundai Motor Group Executive Chair
The non-binding agreement is expected to become binding in the near future, marking a significant development in the global automotive industry’s transition towards cleaner technologies.
