Hyundai Motor and General Motors (GM) recently announced an agreement to explore joint product development, manufacturing, and clean energy technologies. 

By working together, the companies say they will look for ways to leverage their scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster. 

The agreement will explore electric and hydrogen technologies but also internal combustion engines. It will include passenger and commercial vehicles. 

A review of opportunities to combine sourcing in battery, raw material, steel, and other areas will happen, the release says. 

“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 Mary Barra, GM chair and CEO, in the release. 

Hyundai Motor Group Executive Chair Euisun Chung said, “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.” 

Nissan Motor Co., Honda Motor Co., and Mitsubishi Motors Corp. announced in August a memorandum of understanding (MOU) to work together on a framework for further intelligence and electrification of automobiles.

Nissan and Honda also announced last month the signing of a second MOU based on a March 15 agreement. The companies are promoting research, development, and investment in various technologies to promote the spread and evolution of electric vehicles (EVs) and software-defined vehicles (SDVs).

Specifically, the MOU supports research for a next-generation SDV platform, EV batteries, e-Axles, energy services, and resource circulation. It also allows for mutual vehicle complementation.  

BMW also announced earlier this month its plans for its first series-production fuel cell electric vehicle (FCEV), also known as a hydrogen vehicle, in 2028. 

The announcement is the fruition of joint research and development into hydrogen-powered vehicles between BMW and Toyota. The companies first announced the joint effort in 2022. 

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Feature Photo of GM Chair and CEO Mary Barra and Hyundai Motor Group Executive Chair Euisun Chung signing the Memorandum of Understanding/GM