07:25 AM EDT, 09/12/2024 (MT Newswires) -- General Motors ( GM ) and Hyundai Motor have agreed to explore future collaborations to co-develop and produce vehicles, the companies said on Thursday.

The companies said they plan to leverage their combined strengths to reduce costs, and speed up the delivery of new vehicles and technologies.

Potential joint projects include developing and producing passenger and commercial vehicles, internal combustion engines, clean-energy, electric and hydrogen technologies.

Under the agreement signed by Hyundai's Euisun Chung and GM's Mary Barra, the companies would also investigate shared sourcing for battery raw materials, steel and other areas.

Price: 44.92, Change: +0.25, Percent Change: +0.56