Normal Motors and Hyundai have entered right into a memorandum of understanding that would pave the way in which for collaboration concerning inexperienced applied sciences, together with fuel-cell automobiles and the manufacturing of EV batteries.
The non-binding memorandum, introduced on Thursday, marks the preliminary step in the direction of a possible partnership between the 2 automotive giants. Each firms highlighted their intent to leverage their mixed economies of scale to decrease prices related to manufacturing.
The collaboration might contain the co-development and manufacturing of passenger and industrial automobiles, in addition to inside combustion engines and clean-energy applied sciences encompassing electrical and hydrogen improvements.
Moreover, GM and Hyundai will discover alternatives for joint sourcing of key uncooked supplies, together with battery parts and metal. In 2022, GM reported that it had secured sufficient battery uncooked supplies to help an annual manufacturing capability of 1 million EVs in North America by 2025. Nevertheless, the corporate has since retracted this goal attributable to challenges in scaling up its Ultium {hardware}.
This partnership would signify GM’s second important alliance centered on electrical automobiles. GM is already collaborating with Honda, working collectively on the Ultium-based Acura ZDX and Honda Prologue electrical SUVs. Earlier in 2023, the 2 firms agreed to finish an inexpensive EV partnership that geared toward producing thousands and thousands of electrical automobiles collectively whereas persevering with their work on hydrogen fuel-cell expertise.
Honda is now directing its efforts in the direction of growing electrical automobiles independently, with a objective of reaching 2 million annual EV gross sales by the tip of the last decade. The corporate is introducing a lineup of next-generation EVs often known as the 0 Sequence and can also be collaborating with Sony on the Afeela EV model. This shift could create a possibility for GM to hunt one other automotive associate for future electrification endeavors.
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