General Motors and Hyundai could collaborate on cars and engines

A non-binding agreement has been signed to jointly develop vehicles, engines and technologies. Here's what they're going to do now.

Photo by: Hyundai

By: Eleonora Lilli

Published by: Brian Potter

Sep 13, 2024 at 3:51am ET

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General Motors and Hyundai Motor Company have signed a non-binding Memorandum of Understanding to immediately explore opportunities for collaboration and to move towards binding agreements.

The exploration of future collaborations covers key strategic areas such as joint development and production of passenger and commercial vehicles, internal combustion engines and clean energy, electric and hydrogen technologies. Opportunities for joint procurement in areas such as raw materials for batteries, steel and others will also be explored.

Objective: to be more competitive

The framework agreement, which comes in an increasingly competitive global environment where partnerships are vital, was signed by Euisun Chung, Executive Chairman of Hyundai Motor Group, and Mary Barra, President and CEO of GM, who said a partnership between the two companies could make vehicle development more efficient, increasing scale capability and promoting accurate capital allocation.

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"GM and Hyundai have complementary strengths and talented teams," Barra said. "Our goal is to unleash the potential and creativity of both companies to bring customers even more competitive vehicles, faster and more efficiently."

General Motors et Hyundai Motor Company signent un accord

Hyundai

"This partnership will enable Hyundai and GM to evaluate various opportunities to enhance competitiveness in strategic markets and segments, as well as increase profitability and deliver greater value to customers through our shared expertise and innovative technologies," commented Mr Chung.

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