Automakers said they aimed to work together on internal combustion, electric and hydrogen-powered vehicles
General Motors and Hyundai said Thursday that they would look for areas where they could collaborate on new vehicles, supply chain s and technologies in a bid to cut costs and move faster.
“GM and Hyundai have complementary strengths and talented teams,” Mary T. Barra, GM’s CEO, said in a statement. “Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.” Like other automakers, GM and Hyundai have invested tens of billions of dollars to develop electric vehicles that have so far fallen short of the lofty sales goals some executives had set. Consumer enthusiasm for battery-powered models has cooled in the past year, largely on concerns about the high prices of electric models and the challenges of charging them.
“This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value,” Hyundai’s group executive chair, Chung Eui-sun, said in a statement.
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