GM and Hyundai examine alliance – also in the eMobility sector
The Hyundai Motor Group and GM have just signed a memorandum of understanding, but the details of the potential areas of cooperation are not yet very detailed. The two major OEMs state that they are primarily looking into cooperation in their development and production departments – across a wide range of products. In addition to passenger cars, commercial vehicles and combustion engines, “clean-energy, electric and hydrogen technologies” are also mentioned.
The duo hopes that their potential alliance will lead to improved efficiency and greater competitiveness. To this end, both sides want to contribute “their complementary scale and strengths” and thus “reduce costs and bring a wider range of vehicles and technologies to customers faster.”
In addition to cooperation at the development and production level, joint procurement will also be discussed. Battery raw materials and steel are named as goods that the companies have in mind. Now that the memorandum of understanding has been signed, “assessment of opportunities and progression towards binding agreements will begin immediately,” according to the statement.
“GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently,” said GM CEO Mary Barra at the signing ceremony.
Euisun Chung, CEO of Hyundai Motor Group, commented: “This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies.”
0 Comments