Mary Barra, chair and CEO of General Motors, and Euisun Chung, executive chair of Hyundai Motor Group, during the signing of an agreement between the two companies to explore future collaboration across key strategic areas.
DETROIT — General Motors and Hyundai Motor have entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies, the companies announced Thursday.
The automakers' potential areas of interest include co-development and production of passenger and commercial vehicles, internal combustion engines, and clean-energy, electric and hydrogen technologies, they said in a joint press release.
The automakers also said they will "review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas."
The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra, the companies said.
Persons:
Mary Barra, Euisun Chung
Organizations:
General Motors, Hyundai Motor, DETROIT —, Motors, Hyundai, Hyundai Motor Group
Locations:
DETROIT