‘World’s Largest Car Alliance’ Birth
Hydrogen and electric vehicle joint development,
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, ‘Hyundai Motor and General Motors (GM) have agreed to jointly develop and produce passenger cars as well as commercial vehicles. The alliance between the top automaker in Korea and the world’s 3rd largest automaker and the leading automaker in the U.S. and 5th largest in the world has been born. This is seen as a retaliatory strategy in response to the recent alliance between Toyota of Japan and BMW of Germany.’,
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, “Hyundai Motor and GM announced on the 12th that they signed a Memorandum of Understanding (MOU) for comprehensive cooperation at the ‘Genesis House’ in New York, USA.”,
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, ‘Chung Euisun, Chairman of the Hyundai Motor Group, and Mary Barra, Chairman and CEO of GM, attended the signing ceremony.’,
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, ‘This is the first time that the Hyundai Motor Group has formed a comprehensive cooperation agreement with a major overseas automaker. In the automotive industry, it is evaluated as a rare establishment of a comprehensive cooperation relationship between leading companies.’,
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, ‘It is known that Hyundai Motor and GM have been in discussions for several months to reach this agreement.’,
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, ‘Through this collaboration, the two companies have agreed to cooperate in key strategic areas in order to reduce production costs, increase efficiency, and quickly provide a variety of product lineups.’,
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, ‘Potential areas of cooperation between the two companies include joint development and production of passenger and commercial vehicles, internal combustion engines, eco-friendly energy, and electric and hydrogen technologies. They are also considering integrated sourcing plans for raw materials of electric vehicle batteries, steel, and other materials.’,
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, ‘Chung Euisun, Chairman of Hyundai Motor Group, said, “Through this partnership, Hyundai Motor and GM will be able to strengthen competitiveness in global major markets and vehicle segments” and stated, “We will enhance efficiency based on the expertise and innovative technologies possessed by both companies to increase customer value.”‘,
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, ‘Mary Barra, Chairwoman of GM, said, “Through this partnership, we can make product development more efficient by systematic capital allocation” and stated, “Based on complementary strengths and capabilities of both parties, we will leverage scale and creativity to provide customers with competitive products more quickly.”‘,
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, ‘Meanwhile, specific vehicle models to be jointly developed, launch timelines, production bases, etc., have not been publicly disclosed at this time.’,
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