General Motors (GM) and Hyundai Motor Co. have signed a memorandum of understanding (MOU) for a comprehensive collaboration.
Through this collaboration, the two companies will work together in key strategic areas to reduce production costs, increase efficiency, and rapidly deliver a diverse product line to customers.
Potential areas of collaboration include joint development and production of passenger and commercial vehicles, internal combustion engines, green energy, electric and hydrogen technologies.
The companies will also explore integrated sourcing of battery raw materials, steel and other materials.
In addition, the companies will develop joint capabilities with flexibility and agility.
“This partnership has the potential to make product development more efficient through structured capital allocation,” said Mary Barra, Chairman and CEO of GM. ”With our complementary strengths and talented organizations, we will leverage our scale and creativity to deliver competitive products to customers faster and more efficiently.”
“This partnership will enable Hyundai motor and GM to explore opportunities to strengthen our competitiveness in key global markets and vehicle segments,” said Hyundai Motor Group Chairman Chung Eui-sun. ”We will leverage our expertise and innovative technologies to improve efficiency and enhance customer value.”
The two companies will continue to explore and develop their collaboration to finalize this agreement.