Hyundai Motor Company and General Motors (GM) have entered into a Memorandum of Understanding (MoU) to explore potential collaboration in various strategic areas. The agreement, signed on September 12, 2024, outlines a framework for cooperation aimed at improving efficiency and increasing competitiveness. This potential partnership focuses on key areas such as joint product development, manufacturing, and the development of clean-energy technologies.
The collaboration between Hyundai and GM will investigate opportunities to leverage their combined strengths to reduce costs and accelerate the delivery of a broader range of vehicles and technologies. Specific areas of focus include passenger and commercial vehicles, internal combustion engines, and electric and hydrogen-powered technologies. Both companies will also explore joint sourcing strategies for materials such as battery raw materials and steel, which could lead to greater cost savings.
The agreement was formalized by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Barra emphasized that the partnership could lead to more efficient vehicle development by allowing the two companies to combine their capabilities and resources. Chung also highlighted the potential for improved competitiveness in key markets and vehicle segments through shared expertise.
While the MoU is non-binding, the assessment of opportunities and potential progression toward binding agreements will begin immediately.
