According to information from Maeil Business Newspaper, representatives of the two automakers met, discussed and signed a comprehensive cooperation memorandum. A Hyundai representative said: "We are exploring many areas of bilateral cooperation, from vehicle development to future energy solutions." Finally, Hyundai and GM are expected to jointly develop pickup trucks targeting the Latin American market.
The global pickup truck market is worth 208.6 billion USD (about more than 5 million billion VND) in 2023. This impressive figure is a "fertile ground" for automakers to expand sales. According to Hyundai, the two sides are considering the option of exchanging the logos of the two brands.
This means that the two companies can sell GM-made cars with Hyundai's logo or vice versa. With this strategy, automakers will reduce development costs, while benefiting from the launch of new models as well as using each other's customer base and sales networks.
Recently, Hyundai has increased cooperation with rival companies such as GM, Toyota and Waymo to develop a variety of its vehicle lines. However, for pickup trucks, the company currently only has the Santa Cruz model and is sold in the US for a price starting at 30,000 USD (about 762 million VND).
