General Motors and Hyundai announced on Thursday their plans to potentially collaborate on various endeavors such as vehicle development, supply chain enhancements, and the advancement of clean-energy technology. The two automakers aim to reduce costs and expedite the process of offering a broader selection of vehicles to the market.
Aside from discussing potential partnerships geared towards manufacturing both passenger and commercial vehicles, encompassing combustion engines, electric, and hydrogen technologies, the companies will also explore opportunities for joint procurement of battery raw materials, steel, and other resources.
Mary Barra, the Chair and CEO of General Motors, stated in a company communication that their objective is to leverage the combined scale and innovation of both companies to deliver more competitive vehicles to consumers in a quicker and more efficient manner.
General Motors and Hyundai Motor Co. have formalized their intentions through a memorandum of understanding and expressed their commitment to progressing towards establishing official binding agreements.