General Motors and Hyundai Motor Corp have signed a non-binding memorandum of understanding to collaborate in developing vehicles and improving the automotive supply chain, Reuters reports.
As part of a framework agreement signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra, the two automakers announced yesterday they would come together to reduce costs and get products to customers faster.
Some specific areas of collaboration outlined included developing and producing passenger and commercial vehicles, internal combustion engines, and clean energy technology together. They also detailed plans to integrate their sourcing for supplies, like battery raw materials and steel.
The two companies added that they will immediately begin discussing the possibility of, and working towards, potential binding agreements.
“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.
