General Motors and Hyundai Motor Company have announced a new agreement aimed at exploring future collaboration in key strategic areas. The partnership seeks to harness the complementary strengths of both automotive giants to enhance efficiency and accelerate the delivery of a broader range of vehicles and technologies to the market.
The agreement was formalized with a framework agreement signed by Mary Barra, GM Chair and Chief Executive Officer, and Euisun Chung, Executive Chair of Hyundai Motor Group. The signing ceremony also included notable figures such as Shilpan Amin, GM Senior Vice President and President GM International; Mark Reuss, President of General Motors; Jaehoon Chang, President and CEO of Hyundai Motor Company; and José Muñoz, Global President and COO of Hyundai Motor Company.
The collaboration will focus on several key areas, including the co-development and production of both passenger and commercial vehicles, as well as advancements in internal combustion engines and clean-energy technologies such as electric and hydrogen-powered vehicles. The two companies will also explore combined sourcing opportunities for battery raw materials, steel, and other essential components.
Mary Barra highlighted the potential of the partnership to enhance vehicle development efficiency through greater scale and strategic capital allocation. “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,” Barra stated.
Euisun Chung emphasized the mutual benefits of the partnership, noting that it would enable both Hyundai and GM to assess opportunities for improved market competitiveness, cost efficiencies, and enhanced customer value through their combined expertise and innovative technologies.
The agreement, a non-binding Memorandum of Understanding (MoU), marks the beginning of a comprehensive review process. Both companies will now assess opportunities and work towards binding agreements to solidify their collaboration.
