Hyundai Motor Co. and General Motors Co. are close to finalizing a vehicle-sharing agreement that would allow GM to sell Hyundai’s electric commercial vans while giving the Korean automaker access to GM’s pickup trucks in North America, according to people familiar with the matter.
The deal, expected to be announced soon, comes about six months after the world’s third and fifth-largest automakers signed a memorandum of understanding to explore strategic collaboration. Under the proposed arrangement, Hyundai would manufacture electric vans for both brands at its Korean plant before potentially shifting production to North America by 2028.
GM may permit Hyundai to rebadge its Chevrolet Colorado and GMC Canyon midsize trucks, though discussions on pickup sharing could take longer to conclude. The companies are also considering joint purchasing of computer chips and development of next-generation batteries and materials.
When contacted, Hyundai said nothing specific has been determined yet, while GM declined to comment on negotiation details, noting that “both companies continue to explore potential areas of collaboration.”
The partnership aims to help both automakers combat Chinese competitors’ growing market presence amid an EV market slowdown. Analysts say the alliance could create significant cost savings by allowing each company to leverage the other’s manufacturing facilities across regions where they lack presence.
The companies may also collaborate on hydrogen fuel-cell technology, leveraging Hyundai’s expertise in this area dating back to 1998.
