Skip to main content
Energy

GM and Hyundai join forces to lower costs, develop new vehicles

Share

General Motors (GM) and Hyundai Motor Company have announced a partnership on Thursday, Sept. 12, aimed at making vehicles more affordable by improving supply chains and reducing production costs. The collaboration focuses on shared sourcing of key materials, including battery components for electric vehicles (EVs), as well as steel and other materials used in both electric and gas-powered models.

Media Landscape

MediaMiss™This story is a Media Miss by the right as only 9% of the coverage is from right leaning media. Learn more about this data
Left 55% Center 36% Right 9%
Bias Distribution Powered by Ground News

“GM and Hyundai have complementary strengths and talented teams,” GM Chair and CEO Mary Barra said. “Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.”

QR code for SAN app download

Download the SAN app today to stay up-to-date with Unbiased. Straight Facts™.

Point phone camera here

By pooling resources, the companies hope to achieve greater efficiencies, ultimately leading to lower prices for consumers. The partnership looks to help both automakers address rising material costs and challenges in EV production.

“This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments,” Hyundai Motor Group Executive Chair Euisun Chung said. “As well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies.”

In addition to cost-saving measures, the two companies plan to collaborate on new vehicle development and clean energy technology, including potential advances in hydrogen-powered cars. GM and Hyundai have signed a memorandum of understanding to formalize the initial stages of their cooperation, with plans to implement more binding agreements in the future.

Tags: , , , ,

Jack Aylmer

A PAIR OF MAJOR AUTOMAKERS ARE  COLLABORATING TO MAKE THEIR CARS MORE AFFORDABLE.

 

GENERAL MOTORS AND HYUNDAI ANNOUNCING A PARTNERSHIP THURSDAY TO IMPROVE SUPPLY CHAINS IN AN EFFORT TO BRING DOWN COSTS ON THEIR VEHICLES.

 

THIS WILL INCLUDE PURSUING OPPORTUNITIES FOR COMBINED SOURCING IN BATTERY RAW MATERIALS FOR THEIR EV LINEUPS-

AS WELL AS STEEL AND OTHER MATERIALS FOR BOTH THEIR GAS POWERED AND ELECTRIC MODELS.

 

THE TWO COMPANIES ALSO PLAN TO WORK TOGETHER TO DEVELOP NEW VEHICLES-

AND ADVANCE OTHER CLEAN ENERGY TECH, LIKE HYDROGEN POWERED CARS.

 

GM AND HYUNDAI HAVE SIGNED A MEMORANDUM OF UNDERSTANDING TO GET THE BALL ROLLING ON THESE JOINT GOALS-

AS THEY WORKS TOWARDS MORE FORMAL BINDING AGREEMENTS.

 

TO GET MORE STORIES ABOUT THE LATEST NEWS IN THE AUTOMOTIVE WORLD, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME – JACK AYLMER.