General Motors (GM) and Hyundai Motor plan to jointly develop five vehicles in an effort to reduce costs and address the growing competition from Chinese brands.
Four of the vehicles, a compact SUV, a passenger car, and two pick-ups, are intended for the Central and South American markets and will feature internal combustion engines and hybrid variants.
In addition to these four models, the two companies will also develop an electric commercial vehicle for the North American markets.
According to the joint statement, GM will be tasked with leading the development of the platform for the pick-ups, while Hyundai will develop the compact SUV and the electric van.
GM and Hyundai did not reveal where they will produce the new models, but made it clear that they expect to achieve an annual production of 800,000 vehicles.
“Hyundai’s strategic collaboration with GM will help us continue to provide value and options to our customers across various vehicle segments and markets,” said José Muñoz, president and CEO of Hyundai Motor Company. “Our combined scale in North and South America will allow us to more efficiently offer our customers more of what they want: vehicles with elegant design, high quality, and a focus on safety, equipped with the technology they appreciate.”
