General Motors Company ( GM ) shares are trading higher on Thursday. The company agreed to explore collaboration with Hyundai Motor Co., Ltd. (OTC:HYMTF) to reduce costs and accelerate vehicle and technology development.

The framework agreement aims to enhance vehicle development efficiency through greater scale and disciplined capital allocation.

The companies’ area of focus includes co-developing passenger and commercial vehicles and advancing clean energy, electric, and hydrogen technologies.

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The companies will also explore joint sourcing for battery raw materials, steel, and other components.

General Motors Chair and CEO Mary Barra stated, “GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.”

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Hyundai Motor Group Executive Chair Euisun Chung said, “This partnership will enable Hyundai Motor ( HYMTF ) and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies,” 

Apart from this, in a seperate release, EVgo Inc. ( EVGO ) and General Motors ( GM ) disclosed that they are expanding their partnership by installing 400 fast charging stalls at key locations in major U.S. metropolitan areas.

Alongside the flagship locations, EVgo ( EVGO ) and GM will continue expanding their metropolitan charging network, aiming to install 2,850 DC fast charging stalls, with funds redirected to enhance premium charging experiences at key sites.

Last week, General Motors ( GM ) announced it would start manufacturing its first hybrid-flex vehicles in Brazil.

According to Benzinga Pro, GM stock has gained around 35% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF ( FTXR ) and Invesco S&P 500 Pure Value ETF ( RPV ).

Price Action: GM shares are up 1.05% at $45.14 at the last check Thursday.

Image via Shutterstock

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