General Motors (GM) and Hyundai Motor Company (HMC) have entered into a framework agreement to explore future collaboration in key strategic areas.
The potential collaboration between the two global automotive giants will focus on co-development and production of passenger and commercial vehicles, including internal combustion engines, and clean-energy technologies such as electric and hydrogen powertrains. Additionally, GM and Hyundai will explore joint sourcing opportunities for critical materials like battery raw materials and steel.
The agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra, who both emphasised the potential of this partnership to streamline vehicle development and improve competitiveness. '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,' said Barra.
Chung noted that the collaboration could enhance competitiveness in key markets and vehicle segments. 'This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness, drive cost efficiencies, and provide stronger customer value through our combined expertise and innovative technologies.'
With the signing of this non-binding Memorandum of Understanding, both companies will immediately begin assessing opportunities and working towards finalising binding agreements.
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