General Motors and Hyundai Motor Co said on Thursday they have agreed to explore future collaboration across key strategic areas including potential joint vehicle development, supply chain issues and clean-energy technologies.
General Motors and the South Korean automaker say they will collaborate on new vehicles, buying parts and clean energy technologies.
General Motors and Hyundai Motor said they have entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies. Potential areas of interest include production of passenger and commercial vehicles, internal combustion engines, and electric and hydrogen technologies.
General Motors GM -0.33%decrease; red down pointing triangle and Hyundai Motor 005380 3.80%increase; green up pointing triangle are exploring a partnership that could mean savings on items like steel and electric-vehicle battery materials or even result in the joint development and production of vehicles, the companies said Thursday.
Hyundai Motor, long the most successful foreign automaker on Indian roads, is hoping to regain market share from increasingly formidable domestic rivals by launching a series of new SUVs as it gears up for a $3 billion public listing in the country.
Polestar and Hyundai are the latest carmakers to signal changes as the industry grapples with slowing electric vehicle demand. Hyundai unveiled plans to double the number of hybrid models it offers to 14 on Wednesday.
Hyundai Motor said on Wednesday it was targeting annual global sales of 5.55 million vehicles by 2030, up 30% from 2023, as it plans to double its hybrid lineup to counter a slowdown in global electric vehicle demand.
U.S. auto safety regulators said on Friday that it was opening a preliminary evaluation into approximately 332,288 Hyundai SUVs in the United States over a potentially faulty seat belt.
Hyundai Motor America is recalling over 49,000 U.S. vehicles over unintentional air bag deactivation or deployment, the National Highway Traffic Safety Administration (NHTSA) said on Wednesday.
South Korea's Hyundai Motor Co reported on Thursday a 23% rise in second-quarter profit that beat analysts expectations, helped by favourable exchange rates and solid sales of high-margin sport utility vehicles and hybrid cars.
Hyundai Motor America is recalling nearly 67,000 vehicles in the U.S., the U.S. National Highway Traffic Safety Administration said on Thursday.
Hyundai Motor and a union representing its South Korean workforce on Saturday sealed a wage deal that will boost annual pay by about 4.65%, the union said, avoiding a strike in the carmaker's biggest manufacturing base.