Hyundai Motor and GM sign MOU for broad cooperation

Hyundai Motor signed a memorandum of understanding with General Motors (GM) on the 13th for a broad-based partnership.

Through the collaboration, the companies will work together in key strategic areas, exploring ways to reduce production costs, improve efficiency and bring a diverse range of products to customers more quickly.

Potential areas of cooperation include the joint development and production of passenger and commercial vehicles, internal combustion engines, clean energy, and electric and hydrogen technologies.

The companies will also explore joint sourcing of battery raw materials, steel and other materials. In addition, they plan to build on their shared capabilities with flexibility and agility.

GM Chair and CEO Mary Barra said, “This partnership has the potential to make product development more efficient through disciplined capital allocation. By drawing on our complementary strengths and talented organizations, we will combine scale and creativity to deliver competitive products to customers more efficiently and quickly.”

Hyundai Motor Group Executive Chair Euisun Chung said, “This partnership will allow Hyundai Motor and GM to explore opportunities to strengthen their competitiveness in major global markets and across vehicle segments. By leveraging the expertise and innovative technologies of both companies, we will improve efficiency and enhance customer value.”

Building on the memorandum of understanding, the companies plan to further develop their collaboration through a broad range of reviews as they work toward a definitive agreement.