Hyundai Motor is expanding its partnership with General Motors (GM), particularly in the realm of electric vehicles (EVs) and clean energy. In September 2024, both companies signed a Memorandum of Understanding (MOU), aiming to develop electric vehicles and secure supply chains. However, the forecast for commercial EV sales growth is tempered due to softening demand. Hyundai's leadership acknowledges potential policy risks from the Trump Administration's proposed import tariffs and is focusing on localizing production to mitigate these risks, with significant moves like the production ramp-up at its Georgia factory underway.
Hyundai is working on re-badging its commercial EVs to supply GM, paving their entry into the North American market, underscoring a significant partnership expansion.
The new MOU between Hyundai and GM focuses on electric vehicles and clean technologies, aiming for binding contracts to be signed by Q1 2025.
Hyundai's CFO highlighted potential risks from Trump's import tariffs impacting business uncertainties, especially as the company seeks to localize production in the U.S.
Hyundai predicts a decline in commercial EV sales in 2025 due to softening demand, indicating challenges in navigating the changing market landscape.
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