- Hyundai Motor and GM to investigate joint product development,
manufacturing and future clean energy technologies
- Both companies to target improved efficiencies and increased
competitiveness through collaboration
NEW YORK, Sept. 12, 2024 /PRNewswire/ -- General Motors
(NYSE: GM) and Hyundai Motor Company (KRX: 005380 KS) have signed
an agreement to explore future collaboration across key strategic
areas.
GM and Hyundai will look for ways to leverage their
complementary scale and strengths to reduce costs and bring a wider
range of vehicles and technologies to customers faster.
Potential collaboration projects center on co-development and
production of passenger and commercial vehicles, internal
combustion engines and clean-energy, electric and hydrogen
technologies.
The two leading global OEMs also will review opportunities for
combined sourcing in areas such as battery raw materials, steel and
other areas.
The framework agreement was signed by Hyundai Motor Group
Executive Chair Euisun Chung and GM
Chair and CEO Mary Barra.
Barra said a partnership between the two companies has the
potential to make vehicle development more efficient by driving
greater scale and supporting disciplined capital allocation.
"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.
Hyundai and GM's flexibility and agility will allow both
companies to explore the development of their shared
capabilities.
"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 Chung.
Following the signing of the non-binding Memorandum of
Understanding, assessment of opportunities and progression towards
binding agreements will begin immediately.
Cautionary Note on Forward-Looking
Statements: This press release and related
comments by management may include "forward-looking statements"
within the meaning of the U.S. federal securities laws.
Forward-looking statements are any statements other than statements
of historical fact. Forward-looking statements represent our
current judgment about possible future events and are often
identified by words such as "anticipate," "appears,"
"approximately," "believe," "continue," "could," "designed,"
"effect," "estimate," "evaluate," "expect," "forecast," "goal,"
"initiative," "intend," "may," "objective," "outlook," "plan,"
"potential," "priorities," "project," "pursue," "seek," "should,"
"target," "when," "will," "would," or the negative of any of those
words or similar expressions. In making these statements, we rely
upon assumptions and analysis based on our experience and
perception of historical trends, current conditions, and expected
future developments, as well as other factors we consider
appropriate under the circumstances. We believe these judgments are
reasonable, but these statements are not guarantees of any future
events or financial results, and our actual results may differ
materially due to a variety of factors, many of which are described
in our most recent Annual Report on Form 10-K and our other filings
with the U.S. Securities and Exchange Commission. We caution
readers not to place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update publicly or otherwise
revise any forward-looking statements, whether as a result of new
information, future events, or other factors that affect the
subject of these statements, except where we are expressly required
to do so by law.
General Motors (NYSE:GM) is a global company focused on
advancing an all-electric future that is inclusive and accessible
to all. At the heart of this strategy is GM's battery
platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety and security
services, can be found at https://www.gm.com.
Hyundai Motor Company
Established in 1967, Hyundai
Motor Company is present in over 200 countries with more than
120,000 employees dedicated to tackling real-world mobility
challenges around the globe. Based on the brand vision 'Progress
for Humanity,' Hyundai Motor is accelerating its transformation
into a Smart Mobility Solution Provider. The company invests in
advanced technologies such as robotics and Advanced Air Mobility
(AAM) to bring about revolutionary mobility solutions while
pursuing open innovation to introduce future mobility services. In
pursuit of a sustainable future for the world, Hyundai will
continue its efforts to introduce zero-emission vehicles equipped
with industry-leading hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be found
at:
http://worldwide.hyundai.com or
http://globalpr.hyundai.com
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