Hyundai and General Motors intend to join forces on a worldwide scale for the advancement of electric vehicles and clean energy technology.
In a significant move towards the electric vehicle (EV) market, General Motors (GM) and Hyundai Motor have announced a collaboration aimed at reducing costs, enhancing competitiveness, and bringing new vehicles and advanced technologies to market faster.
According to the agreement, the two automakers will begin assessing collaboration opportunities and progress towards binding agreements immediately. The collaboration may involve combining sourcing of raw materials, such as steel and critical materials for EV batteries, to reduce costs.
GM and Hyundai Motor have also finalised a joint venture agreement on a $3.5 billion electric vehicle battery manufacturing plant in New Carlisle, Indiana. The factory, expected to begin production in 2027, is a key part of the partnership.
The collaboration extends beyond EVs, as the companies may also co-develop and produce passenger and commercial vehicles, internal combustion engines, hydrogen vehicles, and clean-energy technologies.
The goal of the collaboration is to unlock the scale and creativity of both companies to deliver more competitive vehicles to customers faster and more efficiently. Hyundai Motor Group executive chair Euisun Chung stated that the collaboration with General Motors aims to enhance competitiveness in key markets and vehicle segments.
GM's previous plans to co-develop and produce millions of EVs with Honda Motor Co. were scrapped last October after GM announced it was scaling back its electrification plans. Meanwhile, Hyundai updated its strategic plan to achieve global sales of 5.5 million vehicles a year by 2030, a 30% increase from its previous 4.2 million unit sales target in 2023.
To support its initiatives, Hyundai plans to invest KRW 120.5 trillion ($90 billion) through 2033. This investment reflects Hyundai's commitment to the partnership and its ambition to be a leader in the EV market.
In a separate development, Volkswagen invested $1 billion in Rivian in June to create the next-generation electrical/electronic architecture for EVs. Meanwhile, Nissan Motor Co. and Honda Motor Co. announced a research agreement in August to explore the possibility of developing a platform and technologies for software-defined vehicles.
As for the leadership of Hyundai Motor Company during the cooperation agreement signing with General Motors in 2021, the exact CEO was not explicitly mentioned in the search results. However, as of 2025, José Muñoz is the President and CEO of Hyundai Motor Company, indicating he may have assumed the role after 2021. The Executive Chair is Euisun Chung, who leads Hyundai Motor Group.
The collaboration between General Motors and Hyundai Motor is expected to bring significant benefits to both companies and the EV market as a whole, as they work together to reduce costs, enhance competitiveness, and bring new vehicles and advanced technologies to market faster.
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