General Motors and Hyundai will explore the potential for collaboration in multiple areas, the automakers said on Thursday.
The two signed a Memorandum of Understanding laying out the framework for the potential partnership and will now seek to evaluate opportunities before entering binding agreements.
In a joint statement, they said collaboration can help increase competitiveness through improved efficiencies.
Areas being targeted include development and production of vehicles both for the passenger and commercial segments, as well as powertrains, including gas engines and EV and hydrogen technologies.
The two will also evaluate opportunities in procurement of steel and battery materials, as well as other areas.
GM recently worked with Honda in a number of areas, including development and production of the 2024 Honda Prologue and 2024 Acura ZDX electric SUVs. The two also planned to develop an affordable EV platform but bailed on the project last year.
Honda has since turned to Nissan and Mitsubishi to explore the potential for collaboration, specifically in the areas of vehicle electrification and software development.
Toyota worked with BMW to jointly develop their respective Supra and Z4 sports cars, and earlier this month the two announced a new partnership in the area of fuel cell vehicles.
Many of the established automakers are looking toward partnerships to help fend off competition from new rivals, particularly from China which last year overtook Japan to become the world's largest vehicle exporter.
