Seoul (Reuters) – The South Korean car manufacturer Hyundai Motor and the American General Motors are about to finalize an agreement which will allow the conglomerate to share two models of electric commercial vans with the American giant, according to a source of negotiations and documents which Reuters was aware.
In exchange, GM would authorize Hyundai to market pick-ups of its manufacturing under its own brand in North America.
This agreement could mark the start of a broader partnership, according to the source. The two companies would consider in particular the purchase or joint development of computer flea, new generation batteries and parts for batteries, according to Hyundai documents seen by Reuters.
Like many manufacturers, GM and Hyundai are facing growing competition from Chinese manufacturers of electric vehicles and the threat of a world trade war. Product sharing is a way to reduce costs.
Discussions on pick-ups focus on sharing GM’s medium size vehicles, sold under the Chevrolet Colorado and GMC Canyon brands in the United States. The two manufacturers also consider the possibility that Hyundai provides compact SUVs for its offer to Brazil.
(Report by Hyunjoo Jin and Heekyong Yang in Seoul, Norihiko Shirouzu in Austin, Texas, with Kalea Hall in Detroit; Noémie Naudin, edited by Sophie Louet)
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