General Motors and Hyundai are in talks to jointly develop automobiles.

Gai Shi Auto News — According to foreign media reports, on September 12, General Motors and Hyundai Motor announced that they have reached a collaboration agreement to jointly develop and produce in key strategic areas in the future, including potential vehicle development, supply chain initiatives, and clean energy technologies. Euisun Chung, Chairman of the Hyundai Motor Group, and Mary Barra, Chairwoman and CEO of General Motors, have signed a non-binding Memorandum of Understanding to explore how "leveraging each company’s complementary scale and strengths can help reduce costs and enable faster delivery of a broader range of vehicles and technologies to customers."
General Motors and Hyundai Motor Company stated that their potential collaboration will "center on jointly developing and producing passenger and commercial vehicles, as well as internal combustion engines and clean-energy technologies, including electric and hydrogen-powered solutions." Both companies have also announced ambitious plans to ramp up EV production, while simultaneously exploring opportunities for joint procurement in areas such as battery raw materials and steel. They further plan to immediately begin evaluating "the timing for reaching a binding agreement." As Mary Barra noted, "General Motors and Hyundai Motor Company aim to unlock the combined scale potential and creative capabilities of both organizations, enabling us to deliver more competitive vehicles to customers—faster and more efficiently."
At the same time, Zheng Yixuan stated that General Motors and Hyundai Motor will "evaluate opportunities to enhance competitiveness in key global markets and automotive sectors, leveraging our combined expertise and innovative technologies to drive cost efficiency and deliver greater value to customers." In terms of sales volume, the Hyundai Motor Group—comprising its core company, Hyundai Motor Co., and its subsidiary Kia Motors—is the world's third-largest automaker, while General Motors remains the largest automaker in the United States.

Currently, global automakers are grappling with capital costs amounting to tens of billions of dollars—as they invest in producing new electric vehicles and batteries, securing supply-chain stability, and developing cutting-edge technologies like self-driving cars. This is happening amid stringent automotive emission regulations and intense competition within the global auto industry. (This article is from Gasgoo.)

Translated from Sina Auto

New energy vehicles are making inroads into Northeast China's automotive industry, with momentum steadily growing.

Shanghai raises the trade-in subsidy standards, leading to a significant increase in demand for car replacements.

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General Motors and Hyundai are in talks to jointly develop automobiles.

2024-09-13