Automotive

GM, Hyundai link up to collab in key areas, including steel sourcing

Written by Laura Miller

September 13, 2024

General Motors and Hyundai Motor Co. announced they will be linking up to explore collaboration opportunities across a variety of areas, including their sourcing of steel.

Detroit-based GM and Seoul, South Korea-based Hyundai announced on Sept. 12 the signing of a non-binding memorandum of understanding “to investigate joint product development, manufacturing, and future clean energy technologies.”

The announcement added that the automakers plan to “review opportunities for combined sourcing in battery raw materials, steel, and other areas.”

The companies have already begun to assess potential opportunities, with an aim of moving towards more binding agreements.

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

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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