Hyundai Motor Company and General Motors (GM) have signed a Memorandum of Understanding (MoU) to explore potential collaboration in the areas of vehicle development, clean-energy technologies, and supply chain management. The agreement, formalized on September 12, 2024, represents a strategic effort by both companies to enhance their capabilities in electric and hydrogen-powered vehicles, as well as internal combustion engine technologies.
The MoU outlines the possibility of joint product development for both passenger and commercial vehicles, with an emphasis on improving efficiency and competitiveness. Hyundai and GM will also examine ways to reduce costs through combined sourcing of critical materials, including battery raw materials and steel. This cooperation could enable both companies to accelerate the development and production of clean-energy vehicles.
The agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Chung emphasized the potential for this partnership to strengthen their position in key markets, while Barra highlighted the opportunity to deliver more competitive vehicles through shared expertise and resources.
Although the MoU is non-binding, the two companies will begin immediate evaluations of potential projects to determine the viability of future agreements.
