According to Maeil Business Newspaper, representatives of the two automakers met, discussed and signed a comprehensive memorandum of understanding. A Hyundai representative said: "We are exploring many areas of bilateral cooperation, from vehicle development to future energy solutions." Finally, Hyundai and GM plan to jointly develop pickup trucks targeting the Latin American market.
The global pickup truck market is expected to be worth $208.6 billion by 2023. This impressive figure is a fertile ground for automakers to expand their sales. According to Hyundai, the two sides are considering exchanging the logos of the two brands.
This means that the two companies can sell GM-made cars under Hyundai’s logo, or vice versa. This strategy would reduce development costs, while benefiting from launching new models and using each other’s customer base and sales network.
Hyundai has recently increased its cooperation with rival companies such as GM, Toyota and Waymo to diversify its vehicle lines. However, for pickup trucks, the company currently only has the Santa Cruz model, which is sold in the US with a price starting at $30,000.
