On the grand stage of the automotive industry, Hyundai and GM, two titans, are teaming up to develop small trucks aimed at the Latin American market. This news comes from reports by Korean media. The two companies signed a non-binding agreement in September to explore collaboration opportunities, including the development of new models, although specific vehicles have yet to be detailed. Now, media sources reveal that the first product of this collaboration could be a small truck for the Latin American market.
Reportedly, Hyundai and GM plan to jointly develop multi-purpose trucks to capitalize on a booming market that reached $208.6 billion globally in 2023. GM is already a significant player in this field while Hyundai is eager to increase its market share.
However, instead of starting from scratch to create a series of new trucks, the report suggests that the automakers will leverage their existing assets and look into brand exchange programs. The outcome may see GM selling smaller Hyundai trucks under its brand while Hyundai sells GM's larger trucks under its name.
Since signing the initial agreement in September, GM CEO Mary Barra and Hyundai Motor Group Chairman Euisun Chung have met again in the United States to discuss their plans.
A Hyundai official said, "At the recent meeting, the leaders reviewed the progress made since the signing of the memorandum of understanding."He added, "We are exploring various areas of co-operation from vehicle development to future energy solutions."
The report claims that the two automakers are considering stock exchange to enhance their partnership, and in September they said they could develop joint engines, improve supply chains, and advance clean technologies, including hydrogen and electricity, as well as new vehicles.