General Motors and Hyundai announced on Thursday their intent to explore collaboration opportunities in various areas.
The two companies signed a Memorandum of Understanding to establish a framework for potential partnership and will now seek to evaluate opportunities before entering into binding agreements.
In a joint statement, they noted that collaboration could enhance competitiveness through improved efficiencies.
Targeted areas include the development and production of vehicles for both passenger and commercial segments, as well as powertrains, including gas engines and electric and hydrogen technologies.
The two will also evaluate opportunities in procurement of steel and battery materials and other sectors.
Recently, GM collaborated with Honda on several projects, including the development and production of the 2024 Honda Prologue and 2024 Acura ZDX electric SUVs. They also aimed to create an affordable EV platform but canceled the project last year.
Honda has since turned to Nissan and Mitsubishi to explore potential collaborations specifically in vehicle electrification and software development.
Toyota worked with BMW to jointly develop their respective Supra and Z4 sports cars, and earlier this month, they announced a new partnership in fuel cell vehicles.
Many established automakers are looking toward partnerships to help counter competition from new rivals, particularly from China, which last year surpassed Japan to become the world's largest vehicle exporter.
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