Hyundai and General Motors team up

Memorandum of Understanding

The two groups agreed on a Memorandum of Understanding (MoU) on Friday, Sept. 13 – if that’s good news.
The framework agreement was signed by Euisun Chung, Executive Chair of Hyundai Motor Group, and Mary Barra, CEO of General Motors.

Purpose of cooperation

The goal of the cooperation is to reduce capital expenditure and increase efficiency.
This includes the production of passenger and commercial vehicles, internal combustion engines and electric and hydrogen technologies.
Hyundai and GM will also explore opportunities to jointly source steel and raw materials for EV batteries.

Improve competitiveness

“This collaboration enables Hyundai and GM to evaluate opportunities to increase competitiveness in key markets and vehicle segments,” said Euisun Chung.
“Our combined expertise and innovative technologies will also allow us to reduce costs and provide greater customer value.”

More efficient development of cars

Mary Barra predicts more efficient car development: “GM and Hyundai have complementary strengths and talented teams. Our goal is to leverage the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.”