GM, Hyundai Motor to explore joint vehicle development projects

Potential partnership could encompass wide range of technologies

20240912N GM Hyundai

Automakers face tens of billions of dollars in capital costs as technology shifts to EVs. (Source photos from Reuters)

WASHINGTON (Reuters)-- General Motors and Hyundai Motor said on Thursday they have agreed to explore future collaboration across key strategic areas including potential joint vehicle development, supply chain issues and clean-energy technologies.

The U.S. and Korean automakers said they had signed a non-binding memorandum of understanding to consider ways to "leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster."

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