General Motors (GM) and Hyundai Motor Company have signed a memorandum of understanding (MOU) for comprehensive cooperation.
Through this collaboration, the two companies will work together in key strategic areas going forward, exploring ways to reduce production costs, increase efficiency, and quickly provide customers with a diverse range of products.
Potential areas of cooperation between the two companies include joint development and production of passenger/commercial vehicles, internal combustion engines, green energy, electric and hydrogen technologies.
The two companies will also review integrated sourcing plans for battery raw materials, steel and other materials.
In addition, the two companies plan to develop joint capabilities based on flexibility and agility.
“This partnership has the potential to make product development more efficient through structured capital allocation,” said Mary Barra, GM Chairman and CEO. “With our complementary strengths and capable organizations, we will apply our scale and creativity to deliver competitive products to customers more efficiently and faster.”
“This partnership will allow Hyundai and GM to explore opportunities to strengthen our competitiveness in key global markets and vehicle segments,” said Chung Eui-sun, chairman of Hyundai Motor Group. “By leveraging the expertise and innovative technologies of both companies, we will improve efficiency and enhance customer value.”
The two companies plan to develop the content of their collaboration through a multifaceted review to conclude this contract, using this business agreement as an opportunity.
Source: www.nextdaily.co.kr
