General Motors and Hyundai have announced an agreement to explore potential future collaborations in strategic areas such as vehicle development, supply chain solutions, and clean-energy technologies.
The two automakers signed a non-binding memorandum of understanding aimed at leveraging their combined strengths to reduce costs and bring new technologies and vehicles to market more quickly.
This potential collaboration could include co-developing electric and hydrogen technologies, sharing resources for battery raw materials, and working on the production of passenger and commercial vehicles. Both companies are aggressively ramping up electric vehicle production in response to growing global competition and stringent emissions regulations. The partnership could also address challenges in sourcing steel and other critical materials.
The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra, with both leaders emphasizing the importance of combining their companies’ expertise to deliver more competitive vehicles and technologies to consumers. This collaboration is significant as both GM and Hyundai have announced ambitious plans to scale up their EV production and navigate the complexities of global supply chains.
Notably, this move follows GM’s scrapped partnership with Honda in October 2023, which aimed to develop affordable EVs—GM’s affordable Ultium vehicle strategy reportedly hinged on Honda’s supplemental volume, it’s unclear if this signals a pivot for the Ultium platform.
This article was co-written using AI and was then heavily edited and optimized by our editorial team.
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