General Motors and Hyundai have signed an agreement to explore future collaborations in key strategic areas. The Korean car manufacturer announced it in an official statement, which states that the two companies involved in this agreement “will seek ways to leverage their complementary strengths to reduce costs and bring customers a wider range of vehicles and technologies in less time.”
Hyundai and GM
In particular, the potential collaborative projects concern the joint development and production of passenger and commercial vehicles, internal combustion engines and clean energy, electric and hydrogen technologies. But not only that: both GM and Hyundai, it is stated, will also additionally evaluate the opportunities of joint procurement in areas such as battery raw materials, steel and more. After signing the non-binding memorandum of understanding, Hyundai said it will immediately begin evaluating opportunities and moving toward binding agreements.
Potential collaborative projects
“GM and Hyundai have complementary strengths and talented team – commented the Chair and CEO of GM, Mary Barra, who signed the framework agreement together with the Executive Chair of Hyundai Motor Group, Euisun Chung – Our goal is to unlock the potential and creativity of both companies to provide customers even more competitive vehicles more quickly and efficiently.”
Towards binding agreements
“This partnership will enable Hyundai and GM to evaluate different opportunities to improve competitiveness in strategic markets and segments, as well as to increase cost efficiency and deliver higher value to customers through our combined expertise and innovative technologies,” he added the same Chung.
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