Major automakers like GM and Hyundai have joined forces to collaborate on various projects, sharing knowledge and ideas to improve competitiveness and reduce development costs and risks. The non-binding agreement signed between the two companies will lead to joint opportunities being assessed and binding agreements being worked towards. Potential projects include the co-development and production of vehicles, engines, and clean energy tech, as well as exploring supply chain efficiency to save costs. With the EV market uncertainty, partnerships like this are becoming more common, with examples like Volkswagen and Rivian teaming up in a $5 billion agreement. Ultimately, these collaborations aim to deliver more competitive vehicles efficiently by leveraging each other’s scale and expertise.
