Hyundai $HYUD (+2.21%)
and General Motors $GM (-0.54%)
plan alliance

Hyundai and General Motors have signed a letter of intent to explore a cooperation.

Together, the Korean and US car manufacturers intend to explore cooperation in key strategic areas in order to reduce costs and accelerate the development of new vehicles. The cooperation is to extend to "the joint development and production of passenger and commercial vehicles, combustion engines and clean energy, electric and hydrogen technologies". The joint procurement of raw materials is also to be part of the partnership. The framework agreement was signed by Euisun Chung, Chairman of the Board of the Hyundai Motor Group, and GM CEO Mary Barra