Hyundai and General Motors join hands to co-develop EV technologies

Developing EVs has been a capital-intensive affair for brands which has influenced them to join hands. BMW and Toyota recently announced plans of coming together to explore hydrogen fuel-cell EV technology. And now, the latest alliance to be announced involves General Motors and Hyundai Motor Company as they sign an agreement to “explore future collaboration across key strategic areas”. These key areas include potential collaborations to co-develop passenger and commercial vehicles featuring clean-energy, electric and hydrogen technologies as well as internal combustion engines, sourcing raw materials for batteries and steel and working together to reduce production costs overall.

The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra where the former commented, “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.”