General Motors is currently limited in its offering of all-electric commercial vehicles, with only the Chevrolet Silverado EV pickup and the Chevrolet BrightDrop van in its lineup. However, a potential collaboration with Hyundai could change that landscape in the near future.
Hyundai has revealed that it is in discussions with GM to supply electric commercial vehicles in the United States, with a deal expected to be finalized in the first quarter of this year. The Chief Financial Officer of Hyundai, Lee Seung Jo, mentioned in an analyst call that they are considering re-badging their commercial EVs for GM, which would mark Hyundai’s entry into the North American commercial vehicle market.
While Hyundai currently does not sell commercial vehicles like vans and trucks in the U.S., aside from the compact Santa Cruz, the potential partnership with GM could open up new opportunities for both companies. This move comes at a time when Hyundai is expecting a slowdown in sales growth due to softening demand and potential policy changes in key markets like the U.S. and Europe.
Last year, Hyundai and General Motors signed a memorandum of understanding to explore collaboration in various areas, including the development of future electric, hydrogen, and internal combustion vehicles. The non-binding agreement could lead to further cooperation in sourcing battery raw materials, steel, and potentially bringing more affordable EVs to the market.
In a recent report by the Korean business newspaper Pulse, it was suggested that Hyundai might rebadge a GM-made electric pickup truck with its own branding. This bilateral badge-engineering exercise could be a strategic move for both companies to leverage each other’s strengths and resources in the rapidly evolving electric vehicle market.
Overall, the collaboration between General Motors and Hyundai holds promise for expanding the availability of electric commercial vehicles in the U.S. market. By combining their expertise and resources, both automakers could accelerate the adoption of electric vehicles and drive innovation in the transportation industry. Stay tuned for more updates on this developing partnership between GM and Hyundai.