The two auto giants signed a Memorandum of Understanding to join hands to explore future vehicles, supply chain and clean-energy technologies.
Hyundai and GM enter into a non-binding collaboration to co-develop future products and technologies. The aim is to increase competitiveness and reduce development costs. We live in an era of partnerships. This initiative from two of the top legacy carmakers in the world further points to the necessity for such joint ventures in the modern world. This could also be a way to compete against the Chinese EV makers who are slowly making their way into international markets with their low-cost vehicles.
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Hyundai and GM Collaboration
The official press release from Hyundai mentions that the two companies will “investigate joint product development, manufacturing and future clean energy technologies”. They will leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster. Interestingly, this collaboration is not just valid for EVs. Instead, they wish to work on co-development and production of passenger and commercial vehicles, internal combustion engines and clean-energy, electric and hydrogen technologies. Hence, the area of impact will be rather wide.
The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. The latter remarked, “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.”
Similarly, Euisun Chung commented, “This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies.”
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Learn Electric Cars Says
We know that Hyundai has been having a great time with its E-GMP-based EVs in many parts of the globe. On the other hand, GM has been mildly successful in this space even in the U.S. If these two companies come together to leverage each other’s strengths, we might have a series of affordable electric cars and efficient technologies in the near future. Perhaps that is necessary to combat the Chinese onslaught of attractive EVs.