General Motors and Hyundai Motor Company Announce Plans for First Five Co-developed Vehicles

Co-development work underway for vehicles to launch in 2028 Jointly developed next-generation commercial van to be introduced in North America , /PRNewswire/ -- Hyundai Motor Company and General Motors announced plans for their first five co-developed vehicles, marking a significant milestone in their previously announced strategic collaboration. The two companies will co-develop four vehicles for the Central and South American market, including a compact SUV, car and pick-up, as well as a mid-size pick-up, all with the flexibility to use either internal combustion or hybrid propulsion systems. Hyundai and GM also will co-develop an electric commercial van for North America. Hyundai and GM expect sales of the co-developed vehicles to be more than 800,000 vehicles a year once production is fully scaled. GM will lead the development of the mid-size truck platform, while Hyundai will lead on the compact vehicle and electric van. The two companies will share common platforms and develop unique interiors and exteriors consistent with their respective brands. Design and engineering work is underway on the new vehicles for the Central and South American markets, which will launch in 2028. The electric commercial van will be manufactured in the U.S. as early as 2028. "Hyundai's strategic collaboration with GM will help us continue to deliver value and choice to our customers across multiple vehicle segments and markets," said José Muñoz, President and CEO of Hyundai Motor Company. "Our combined scale in North and South America helps us to more efficiently provide our customers more of what they want – beautifully designed, high-quality, safety focused vehicles with technology they appreciate." Shilpan Amin, GM senior VP and global chief procurement and supply chain officer, said the vehicles announced today were targeted at the largest segments in the Central and South American markets, as well as the commercial segment in North America. "By partnering together, GM and Hyundai will bring more choice to our customers faster, and at lower cost," Amin said. "These first co-developed vehicles clearly demonstrate how GM and Hyundai will leverage our complementary strengths and combined scale." The two companies also plan joint sourcing initiatives in North and South America for materials, transport, and logistics. Further areas for potential joint operations include raw materials, components, and complex systems. Hyundai Motor and GM also agreed to explore collaboration on low-carbon emissions steel as part of their commitment to sustainable manufacturing. Following the signing of a framework agreement in September 2024, the companies continue to assess additional joint vehicle development programs for global markets, as well as collaboration opportunities across propulsion systems, including internal combustion engines, hybrid, battery electric, and hydrogen fuel cell technologies. Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is GM's battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com. About Hyundai Motor CompanyEstablished in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision 'Progress for Humanity,' Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions while pursuing open innovation to introduce future mobility services. In pursuit of a sustainable future for the world, Hyundai will continue its efforts to introduce zero-emission vehicles with industry-leading hydrogen fuel cell and EV technologies. More information about Hyundai Motor and its products can be found at: https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai SOURCE Hyundai Motor Company WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

General Motors and Hyundai Motor Company Announce Plans for First Five Co-developed Vehicles

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