General Motors and Hyundai have signed a Memorandum of Understanding That could lead to the two automakers collaborating on green technology.
The non-binding memorandum of understanding is the first step towards a GM and Hyundai partnership. The potential partnership would focus on using the automakers’ combined economies of scale to reduce costs. That could include areas such as fuel cell vehicles and EV battery production.
Hyundai Ioniq 5 2025
“Potential collaborative projects focus on co-development and production “passenger and commercial vehicles, internal combustion engines and clean energy technologies, electric and hydrogen,” the automaker said.
The two automakers will also “look at new opportunities for supply chain integration“battery raw materials, steel and other raw materials. GM in 2022 said it had ensure enough battery materials to set North America’s annual production capacity of 1 million EVs by 2025, although it currently has back away from that goal after problems in upgrading Ultium hardware.
2024 Chevrolet Equinox Electric Car
This would be GM’s second major partnership with another automaker related to electric vehicles. An existing partnership with Honda has seen GM build the Ultium-based Acura ZDX and Honda Prologue electric SUVs for the Japanese automaker. But GM and Honda have confirmed a 2023 early termination of partnership, cancel plans to produce millions of electric cars together—including affordable models.
Honda is now focusing on developing electric vehicles in-house. They are targeting Annual electric car sales are 2 million later this decade from a next-generation electric car line called the Series 0 and is also collaborating with Sony on Brand Afeela EVThat could potentially give GM an opportunity to find another automaker partner for its future electrification plans.
