General Motors and Hyundai have signed a Memorandum of Understanding That could lead to the two automakers collaborating on green technologies like fuel-cell vehicles and EV battery production.
The non-binding memorandum of understanding released Thursday is the first step toward a GM and Hyundai partnershipThe companies stressed that this potential partnership would focus on using the automakers’ shared economies of scale to reduce costs.
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. The current partnership with Honda has seen GM produce the Ultium-based Acura ZDX and Honda Prologue electric SUVs for the Japanese automaker. GM and Honda have confirmed that by 2023 Early end to low-cost EV partnership, cancel plans to produce millions of electric cars together. The two automakers also continue to collaborate on hydrogen fuel cell technology.
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 partnering with Sony on Brand Afeela EVThat could potentially give GM an opportunity to find another automaker partner for its future electrification plans.
