GM, Hyundai explore partnership to develop vehicles together
General Motors and Hyundai Motor are exploring a partnership that could mean savings on items like steel and electric-vehicle battery materials or even result in the joint development and production of vehicles, the companies said Thursday. The American and Korean automakers are looking for additional scale as they navigate a costly transition from internal combustion engines to EVs.
The automakers have entered a nonbinding agreement to discuss ways to develop vehicles together, including gas-engine models, as well as electric and hydrogen-powered cars. The two companies declined to elaborate on the potential partnership, which would be the first of its kind between GM and Hyundai, saying more details would be released if legal agreements are finalized.
“GM and Hyundai have complementary strengths and talented teams," GM Chief Executive Mary Barra said in a news release. “Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers." GM, which still relies on gas-powered trucks and sport-utility vehicles for the bulk of its profits, has delayed several EV projects and is now planning to add new hybrid models in North America after deciding to forgo this technology late last decade.
The automaker still believes in an “all-electric future" and is rolling out several new battery-powered models this year, which the company hopes eventually will turn a profit. In recent years, GM executives have emphasized the need to cut costs amid more stringent regulations on vehicle emissions and competitive pressures from China and elsewhere.
“We look at the global threats that are out there. The way you can be competitive is (to) make great vehicles at an efficient price, and
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