Thu, September 12, 2024
- Hyundai Motor and GM to investigate joint product development, manufacturing and future clean energy technologies
- Both companies to target improved efficiencies and increased competitiveness through collaboration
NEW YORK, September 12, 2024 – General Motors (NYSE: GM) and Hyundai Motor Company (KRX: 005380 KS) have signed an agreement to explore future collaboration across key strategic areas.
GM and Hyundai will look for ways to leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster.
Potential collaboration projects center on co-development and production of passenger and commercial vehicles, internal combustion engines and clean-energy, electric and hydrogen technologies.
The two leading global OEMs also will review opportunities for combined sourcing in battery raw materials, steel and other areas.
The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra.
Barra said a partnership between the two companies has the potential to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation.
“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,” said Barra.
Hyundai and GM’s flexibility and agility will allow both companies to explore the development of their shared capabilities.
“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,” said Chung.
Following the signing of the non-binding Memorandum of Understanding, assessment of opportunities and progression towards binding agreements will begin immediately.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is GM's battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions while pursuing open innovation to introduce future mobility services. In pursuit of a sustainable future for the world, Hyundai will continue its efforts to introduce zero-emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be found at:
http://worldwide.hyundai.com or http://globalpr.hyundai.com
Contact:
Jin Cha
Global PR Corporate Strategy & Planning / Hyundai Motor Company
+82 2 3464 2128
George Svigos
GM Communications
+1 313-400-2998
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