General Motors and Hyundai Motor Company have signed a non-binding memorandum of understanding to immediately evaluate potential collaboration opportunities and begin the process toward binding agreements.
The exploration of future collaborations concerns strategic areas of primary importance such as the joint development and production of passenger and commercial vehicles, internal combustion engines and clean energy, electric and hydrogen technologies.
Joint sourcing opportunities will also be explored in areas such as battery raw materials, steel and more.
Goal: to be more competitive
The framework agreement, which fits into an increasingly competitive global context where having partnerships is vital, was signed by the Executive Chair of Hyundai Motor Group, Euisun Chungand from the Chair and CEO of GM, Mary Barraaccording to which A partnership between the two companies has the potential to make vehicle development more efficient, increasing the ability to scale and enabling more careful allocation of capital.
“GM and Hyundai have complementary strengths and talented teams,” Barra said. “Our goal is to unlock the potential and creativity of both companies to deliver even more competitive vehicles to customers more quickly and efficiently.”
“This partnership will enable Hyundai and GM to evaluate various opportunities to improve competitiveness in strategic markets and segments, as well as increase cost efficiency and deliver greater value to customers through our combined capabilities and innovative technologies,” Chung commented.
Source: it.motor1.com
