Hyundai Motor, GM join hands to develop electric, hydrogen car technologies

Euisun Chung, Chairman of Hyundai Motor Group (right), and Mary Barra, Chairman of General Motors (GM), are taking a commemorative photo after signing a Memorandum of Understanding (MOU) for comprehensive cooperation. (Hyundai Motor Group)

South Korea’s Hyundai Motor Group and U.S. General Motors Co. (GM) have partnered to develop electric and hydrogen vehicle technology.

The partnership between Hyundai Motor Group, the world’s third-largest auto manufacturer, and GM, the world’s sixth-largest automaker, follows a similar move by Toyota Motor Corp. and BMW Group for fuel cell vehicle development.

Hyundai Motor Group announced on Thursday that it signed a memorandum of understanding (MoU) with GM for broad cooperation.

The MoU was signed personally by Hyundai Motor Group Executive Chairman Euisun Chung and GM Chair and CEO Mary Barra.

Hyundai Motor Group and GM are expected to collaborate in the fields of passenger and commercial vehicles, internal combustion engines, clean-energy, and electric and hydrogen technologies.

The two auto giants will also seek partnership opportunities for combined sourcing in areas such as battery raw materials, steel, and other areas, according to Hyundai Motor Group.

“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,” Chung said.

Barra also noted that “a partnership between the two companies has the potential to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation.”

The latest partnership comes after Hyundai Motor Group acquired a plant in India from GM last year.

Hyundai Motor Group completed the deal in 2023 to purchase GM’s plant in Talegaon Dabhade, India.

As the plant has an annual production capacity of about 130,000 vehicles, the acquisition helped boost the Korean carmaker‘s production capacity in India to 1 million cars a year.