General Motors and Hyundai Motor Company have signed a Memorandum of Understanding (MOU) for comprehensive cooperation.
Through this collaboration, both companies will explore ways to cooperate in major strategic areas to reduce production costs, increase efficiency, and deliver a diverse product range to customers more swiftly.
Potential collaboration areas include passenger and commercial vehicles, internal combustion engines, green energy, and joint development and production of electric and hydrogen technologies.
Additionally, they will review integrated sourcing strategies for battery raw materials, steel, and other materials.
Furthermore, the two companies plan to develop joint capabilities based on flexibility and agility.
Mary Barra, GM Chair and CEO, stated, “This partnership between our two companies has the potential to make product development more efficient through systematic capital allocation,” adding that they would leverage complementary strengths and capable organizations to provide competitive products to customers more efficiently and quickly.
Chung Eui-sun, Chairman of Hyundai Motor Group, remarked, “Through this partnership, Hyundai Motor and GM will explore opportunities to strengthen competitiveness in major global markets and vehicle segments,” and emphasized that they would enhance efficiency to increase customer value based on their expertise and innovative technologies.
Both companies plan to evolve their collaboration into a formal contract through a multifaceted review process following this MOU.
By Lee Sang-jin (daedusj@autodiary.kr)