General Motors And Hyundai May Team Up On Electric And Gas Vehicles
General Motors and Hyundai have entered an agreement to explore future collaborations on electric vehicle production, the companies announced on Thursday.
GM CEO Mary Barra and Hyundai Motor Group Executive Chair Euisun Chung signed a memorandum of understanding to discus ways to work together on the development of both gas and internal combustion engine vehicles along with hydrogen powertrains and the supply chains needed to support it all.
“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,” Barra said in a press release.
“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,” Chung said.
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Both automakers have been rapidly adding electric vehicles to their portfolios, even as market demand slows. They are also two of the top proponents of using hydrogen fuel cells as an alternative to batteries.
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GM is also planning to bring plug-in hybrids back to its lineup starting in 2027, while Hyundai currently offers several across its brands. The agreement is non-binding and no joint projects have yet been officially announced.
GM currently builds two vehicles for Honda — the Honda Prologue and Acura ZDX — but will be ending that partnership when their product cycles are complete. Honda this year signed an MoU with Nissan to look into future collaborations with its Japanese rival on EVs.
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