General Motors and Hyundai Motor have signed an agreement to explore future collaboration across key strategic areas.

The two automakers "will look for ways to leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster", according to a joint statement.

Potential collaboration projects centre on co-development and production of passenger and commercial vehicles, internal combustion engines and clean energy, electric and hydrogen technology.

The two global OEMs also will review opportunities for combined sourcing in areas such as battery raw materials and steel.

The framework agreement was signed by Hyundai Motor group executive Chair Euisun Chung and GM chair and CEO Mary Barra.

Barra said a partnership between the two companies has the potential to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation.

"GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently," said Barra.

Flexibility and agility will allow both companies to explore the development of their shared capabilities.

"This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies," said Chung.

Following the signing of the non-binding MoU, assessment of opportunities and progression towards binding agreements would begin immediately, the statement said.