General Motors and Hyundai Motor announced the joint development and release of five new car models. This decision was made against the backdrop of increasing competition with Chinese automakers.
The purpose of the partnership is to reduce expenses and strengthen positions in important foreign markets. Four out of five models – a compact SUV, a passenger car, pickup and medium -sized pickups – are designed for the markets of Central and South America. They will receive gasoline and hybrid engines. Production starts in 2028. It is expected that at full capacity of the company will be able to produce at least 800 thousand such cars annually.
In addition, GM and Hyundai will jointly develop an electric commercial van for the US market, its release will also begin no earlier than 2028.
“Our united presence in North and South America helps us more effectively offer our customers more than what they need – beautiful, high -quality, safe cars with the technologies that they value,” said Hosa Munos, President and General Director of Hyundai Motor Company.
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For Hyundai, this is the first major partnership in the field of joint development of cars. Analysts note that the pressure on the part of Chinese competitors offering cheap and technological electric vehicles forces traditional automakers to look for such unions.
Some experts, however, doubt that the new alliance will be able to quickly surpass the Chinese in the South America market, where they are already leading the availability of electric vehicles. The agreement for GM is called a logical step after the cancellation of a project with the Honda project in 2023 to create budget electric vehicles worth $ 5 billion.
