Hyundai Motor and US GM to Jointly Develop and Produce Passenger and Commercial Vehicles

Global automakers Hyundai Motor Company and General Motors (GM) of the United States have agreed to jointly develop and produce passenger and commercial vehicles. They also plan to collaborate on the development of eco-friendly energy, including hydrogen, and to join forces in key strategic areas such as supply chains.

On the 12th, at the Genesis House in New York, USA, Mary Barra (left), Chairman and CEO of GM, and Chung Eui-sun, Chairman of Hyundai Motor Group, are signing an agreement.
[Photo by Hyundai Motor Group]

Hyundai Motor Company and GM announced on the 12th that they recently signed a memorandum of understanding (MOU) for comprehensive cooperation at the 'Genesis House' in New York, USA.

Hyundai Motor Group Chairman Chung Euisun and GM Chairwoman and CEO Mary Barra personally attended the signing ceremony and signed the MOU.

This is the first time that Hyundai Motor Group, ranked third in global sales performance as of the first half of this year, has established comprehensive cooperation with a major overseas automaker. GM ranked sixth in global performance in the first half of this year.

The global automotive industry regards this as a rare establishment of a comprehensive cooperative relationship between leading companies.

It is known that Hyundai and GM have been conducting behind-the-scenes discussions for several months to finalize this agreement.

Through this collaboration, the two companies plan to cooperate in key strategic areas to explore ways to reduce production costs, increase efficiency, and quickly provide a diverse range of products. Potential areas of cooperation include joint development and production of passenger and commercial vehicles, internal combustion engines, eco-friendly energy, and electric and hydrogen technologies. They will also consider integrated sourcing plans for electric vehicle battery raw materials, steel, and other materials. Based on flexibility and agility, they plan to develop joint capabilities.

Chairman Chung said, "Through this partnership, Hyundai and GM will be able to explore opportunities to strengthen competitiveness in global key markets and vehicle segments," adding, "We will enhance efficiency and improve customer value based on the expertise and innovative technologies possessed by both companies."

Chairwoman Barra said, "This partnership has the potential to make product development more efficient through systematic capital allocation," and added, "Based on complementary strengths and capable organizations, we will leverage scale and creativity to provide competitive products to customers more efficiently and quickly."