General Motors (GM) and Hyundai last September shook hands to jointly develop and build passenger and commercial vehicles; now we have more details. The two companies will work together on five new models – a “compact SUV, car and pick-up, as well as a mid-size pick-up” (for Central and South America in 2028, all with ICE or hybrid choices), and an EV commercial van for North America as soon as 2028.
GM will lead the development of the mid-size truck platform, while Hyundai will lead that of the compact vehicle and electric van. Platforms will be shared, but interiors and exteriors will be unique to each brand, and once production is fully scaled, sales of all the aforementioned models are expected to surpass 800,000 units a year in total.
“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,” said Hyundai Motor Company president and CEO José Muñoz.
“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,” said GM senior VP and global chief procurement and supply chain officer Shilpan Amin.
Besides model co-development, GM and Hyundai also plan to work together in areas like material sourcing, transport and logistics in North and South America, plus raw materials, components, complex systems and low-carbon emissions steel.
“Even if they sell those new models in South America, it’s hard to beat Chinese competitors which already are leading in the electric-vehicle market with low prices. Hyundai might be able to learn from GM about how to build pickup trucks, but it would take some time to generate earnings,” Seoul-based Billionfold Asset Management chief investment officer An Hyung-jin told Reuters.
“The partnership itself is a win-win strategy, since GM can learn the hybrid technology from Hyundai while Hyundai can use the relationship with GM as leverage for trade negotiations with the United States,” Mirae-Mobility Research & Services head Teddi Kim told the news agency.
Now, speculation time – regarding the EV van, could GM get a version of the Hyundai ST1 or Kia PV5 to succeed the Chevrolet Express/GMC Savana? Will we see a Hyundai-badged Chevrolet Colorado/GMC Canyon to be the Santa Cruz pick-up’s abang? And I can’t imagine a Chevrolet Tucson, can you?
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