Hyundai Motor announced on the 7th that it has decided to jointly develop five types of vehicles, including pickup trucks, compact sedans, and compact sports utility vehicles (SUVs).

According to Hyundai Motor, the two companies plan to jointly develop a total of five next-generation vehicles: ▲a medium-sized pickup, compact pickup, compact passenger car, and compact SUV for the Latin American market that can all be equipped with internal combustion engines and hybrid systems; and ▲electric commercial vans for the North American market.

Chung Eui-sun, the chairman of Hyundai Motor Group (right), shakes hands with Mary Barra, chairman and CEO of GM, after signing an MOU for comprehensive cooperation on September 12th last year. / Courtesy of Hyundai Motor Group

The two companies expect that once mass production of the jointly developed vehicles begins in earnest, they will be able to produce and sell more than 800,000 units annually.

GM is set to lead the development of the medium-sized truck platform, while Hyundai Motor will spearhead the development of the compact vehicle and electric commercial van platforms. The two companies plan to share a common vehicle platform while also developing interiors and exteriors that align with each brand's identity.

The two companies are currently collaborating on design and engineering for new vehicles aimed at the Latin American market, targeting a launch by 2028. They also plan to start producing electric commercial vans in the U.S. market as early as 2028.

Jose Munoz, CEO of Hyundai Motor, said, "I believe that through strategic collaboration with GM, we can continuously provide better value and choices to our customers across various segments and markets."

Silpan Amin, senior vice president and chief responsible person for GM's global purchasing and institutional sector, explained, "The vehicles announced in collaboration with Hyundai Motor target segments that account for the largest share of the Latin American market and the commercial vehicle sector in North America." He also added, "Through our collaboration, we will be able to offer customers more diverse options faster and at a lower expense."

Meanwhile, Hyundai Motor and GM plan to promote joint sourcing initiatives regarding materials and transportation logistics in North and South America. It has also been reported that they are considering cooperation in areas such as raw materials, parts, and complex systems.

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