Hyundai Motor and General Motors (GM) announced that they have reached an agreement to co-develop five new vehicle models for markets in the Americas, marking a significant milestone in their previously announced strategic collaboration as they look to take on rising global competition.
Four of the five co-developed models will be sold in markets in Central and South America, including a compact SUV, passenger car and pick-up truck, as well as a mid-size pick-up, all powered by either internal combustion or hybrid powertrains. A fifth model, a battery-powered commercial van, will be sold in markets in North America.
The two companies will share common platforms, but will develop unique interiors and exteriors “consistent with their respective brands.” Hyundai said that it expects sales of the five co-developed models by the two companies combined will exceed 800,000 units per year, once production is fully scaled up.
GM will lead the development of the mid-size truck platform, while Hyundai will lead the development of the compact models and also the electric van.
Hyundai confirmed that design and engineering work on the new models for the Central and South American markets is already underway, with the first launch scheduled for 2028. The battery-powered electric commercial van will be produced in the US starting from 2028.
José Muñoz, President and CEO of Hyundai Motor Company, said in a statement: “Hyundai’s strategic collaboration with GM will help us continue to deliver value and choice to our customers across multiple vehicle segments and markets. Our combined scale in North and South America helps us to more efficiently provide our customers more of what they want – beautifully designed, high-quality, safety-focused vehicles with technology they appreciate.”
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By GlobalDataShilpan Amin, GM Head of global procurement, confirmed that the “vehicles announced today were targeted at the largest segments in the Central and South American markets, as well as the commercial segment in North America. By partnering together, GM and Hyundai will bring more choice to our customers faster, and at lower cost. These first co-developed vehicles clearly demonstrate how GM and Hyundai will leverage our complementary strengths and combined scale.”
Hyundai and GM also plan joint sourcing partnerships in North and South America for raw materials, components and systems, and transportation and logistics. They have also agreed to explore collaboration on low-carbon emissions steel sourcing, as part of their commitment to sustainable manufacturing.
The two companies confirmed that as part of the framework agreement signed in September 2024, they will “continue to assess additional joint vehicle development programmes for global markets, as well as collaboration opportunities across propulsion systems, including internal combustion engines, hybrid, battery electric, and hydrogen fuel cell technologies.”
