GM and Hyundai Eye Future Together: Exploring Joint Ventures in EV Batteries and Fuel Cell Technologies

General Motors and Hyundai may collaborate on electric vehicle technology and fuel cells, following a memorandum of understanding that sets the stage for potential joint efforts in sustainable automotive technologies.

On Thursday, GM and Hyundai unveiled a preliminary agreement that marks the initial phase of a potential collaboration. The focus of this alliance would be to leverage their collective scale to cut expenses, as highlighted by both companies.

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"The automakers stated that the proposed collaborative efforts will focus on jointly developing and producing passenger and commercial vehicles, as well as internal combustion engines, and technologies related to clean energy, electric, and hydrogen power."

The pair of car manufacturers will also explore new possibilities for joint procurement of essential components such as battery raw materials and steel. Previously in 2022, GM announced it had acquired sufficient battery raw materials to reach a production capacity of 1 million electric vehicles per year in North America by 2025. However, it has since revised this goal due to challenges in scaling up its Ultium technology.

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General Motors (GM) is set to enter its second significant collaboration focused on electric vehicles (EVs) with another car manufacturer. Previously, GM teamed up with Honda to produce the Ultium-powered Acura ZDX and Honda Prologue electric SUVs for the Japanese company. In 2023, GM and Honda prematurely concluded their joint venture aimed at producing affordable electric vehicles, halting their ambitions to manufacture millions of EVs collectively. However, the two companies still collaborate on hydrogen fuel-cell technology.

Honda is shifting its attention to in-house electric vehicle (EV) development, aiming for an annual sales target of 2 million EVs by the decade's end under the new 0 Series banner. Additionally, it has joined forces with Sony to create the Afeela EV brand. This collaboration may provide General Motors (GM) the opportunity to team up with a different automotive manufacturer for upcoming EV projects.

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