Hyundai and GM sign MoU to consider collaboration on vehicles, supply chain and clean energy technologies

Hyundai Motor and General Motors (GM) will investigate joint product development, manufacturing and future clean energy technologies under a memorandum of understanding (MoU).

Both companies say they will target improved efficiencies and increased competitiveness through collaboration.

GM and Hyundai will look for ways to leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster, they say.

Potential collaboration projects centre on co-development and production of passenger and commercial vehicles, clean energy, electric and hydrogen technologies, and internal combustion engines (ICE).

The two global OEMs will also review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas.

The framework agreement was signed by Hyundai Motor Group executive chair Euisun Chung and GM chair and chief executive Mary Barra.

Barra says a partnership between the two companies has the potential to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation.

“GM and Hyundai have complementary strengths and talented teams,” she says.

“Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.”

 Chung says the 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 combined expertise and innovative technologies.

Assessment of opportunities and progression towards binding agreements will begin immediately.