SEOUL, Sept. 12 (Yonhap) — Hyundai Motor Co. said Thursday it will expand collaboration with U.S. auto giant General Motors Co. (GM) across key strategic areas, including vehicle and clean energy technologies, to create a synergy effect in the global market.
Under a memorandum of understanding signed, Hyundai and GM will push for joint production of passenger and commercial vehicles and development of eco-friendly energy technologies, such as electric and hydrogen, the Korean carmaker said in a press release.
It marks Hyundai’s first comprehensive cooperation agreement with a major foreign automaker.
The two companies have agreed on the cooperation as part of efforts to leverage their complementary strengths to reduce costs and bring a wider range of vehicles and technologies to customers.
Hyundai and GM also plan to review opportunities for combined sourcing in areas such as battery raw materials and steel.
“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,” Hyundai Motor Group Executive Chair Euisun Chung said.
GM CEO Mary Barra also said her company expects to deliver competitive vehicles to customers “faster” and “more efficiently” through its partnership with Hyundai.
Hyundai Motor Group Executive Chair Euisun Chung (R) and General Motors Co. CEO Mary Barra shakes hands during a global alliance signing ceremony in New York in this photo provided by the Korean company. (PHOTO NOT FOR SALE) (Yonhap)
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(YONHAP NEWS)