General Motors announced that it signed a memorandum of understanding to collaborate with South Korean automaker Hyundai Motor Company on developing clean energy, supply chain, and vehicle technologies.
General Motors CEO and Chair Mary Barra and Hyundai Executive Chair Euisun Chung signed the agreement.
Lowering Costs and Introducing a Wide Range of Technologies
The American automaker said that the two companies would work to lower costs and introduce a broader range of technologies and vehicles, including developing commercial and passenger vehicles, internal combustion engines, clean energy solutions, and electric and hydrogen technologies.
The companies will also explore opportunities for joint sourcing of battery raw materials, steel, and other supplies.
Quicker Vehicle Production
Barra stated that the partnership could enable quicker and more efficient vehicle production by increasing scale and promoting disciplined capital allocation.
Chung added that the collaboration would leverage both automakers’ technologies and expertise to boost competitiveness in vehicle segments and key markets, optimize costs, and deliver improved customer value.
General Motors announced that the companies would immediately pursue binding agreement opportunities.
Promoting Former Apple Execs
The memorandum of understanding follows General Motors’ recent promotion of two former Apple executives, Baris Cetinok and Dave Richardson, to lead its service and software operations as the company focuses on developing and marketing autonomous, electric, and connected vehicles.
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