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    GM-Hyundai non-binding MOU to Collaborate on EV Future to Counter Chinese Competition

    Sept. 13, 2024
    The expected partnerships projects consist of co-development and production of passenger and commercial vehicles, internal combustion engines and electric and hydrogen technologies.
    Image credit ID 121381727 © Franz1212 | Dreamstime.com
    66e44703f309366e97e3714f Electric Vehicles

    Automakers General Motors and Hyundai Motor Co., two longtime market foes now facing the spectre of future Chinese competition globally, are going to collaborate on finding ways to build next-generation vehicles.

    The expected partnerships projects consist of co-development and production of passenger and commercial vehicles, internal combustion engines and electric and hydrogen technologies. The companies will also review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas.

    According to GM Chair and CEO Mary Barra, the collaboration has the potential to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation. The flexibility and agility of the partners will help them explore the development of their shared capabilities.

    "GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently," said Barra.

    GM is branching out to collaborate with other companies on hydrogen fuels, electrification, charging infrastructure and raw materials mining.

    South Korea’s Hyundai is the world’s fourth largest automaker by market share, behind Toyota, Volkswagen and Honda, according to Consumer Affairs. Its 2025 Ioniq 6 was rated the best electric car by MotorTrend magazine.

    GM is the world’s fifth biggest auto company by revenue and No. 1 in the U.S., according to 2023 figures. It is developing a new battery-electric vehicle platform and recently teamed up with EvGo on charging infrastructure work.

    "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," said Euisun Chung, Executive Chair of Hyundai Motor Group.

    Assessment of opportunities and progression towards binding agreements will follow after the signing of the non-binding Memorandum of Understanding.

    Chinese automakers such as BYD are developing less expensive and reputedly well-crafted EV models such as the Seagull which could compete in the U.S. and globally.

     

    About the Author

    Rod Walton, EnergyTech Managing Editor | Senior Editor

    For EnergyTech editorial inquiries, please contact Managing Editor Rod Walton at [email protected].

    Rod Walton has spent 15 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.

    He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.

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