GM, Hyundai Partner To Launch 5 New Models By 2028, Target 800K Annual Units
General Motors Co. (NYSE:GM) has announced a partnership with Korean automaker Hyundai Motor Co. (OTC:HYMTF) to develop over 5 new models amid rising competition from Chinese automakers.
GM Targets 800,000 Units Per Year
The partnership between the two companies, announced last year, will develop 5 brand-new vehicles, including SUVs, Mid-Size Pickup trucks, as well as compact cars for Central, South and North America, the company said in a statement on Wednesday.
"GM will take the lead on the mid-size truck platform, while Hyundai heads up the platforms for the other new models. Each company will sell these vehicles under their own brands," the statement said.
The partnership targets over 800,000 units produced annually, with the first of the new models hitting the road in 2028. The companies will also partner on sourcing raw materials in North and South America.
GM and Hyundai also announced that the two companies would be collaborating to develop an all-electric commercial van for North America. The companies could also explore fuel cell technologies in the future.
An EV Milestone For GM, Trump EPA Proposes Climate Policy Overturn
The news comes as GM recently announced that the Chevrolet Equinox had become the best-selling EV in the U.S. that wasn't a Tesla Inc. (NASDAQ:TSLA) vehicle.
However, despite growth in EV sales, President Donald Trump's EPA, or Environmental Protection Agency, has proposed rescinding the 2009 Endangerment Finding, which forms the basis for many emission norms.
The proposal would essentially take legal pressure off automakers to follow the strict emission norms put in place.
$888 Million Investment In ICE-Powered Vehicles
The company also invested over $888 million in a V-8 engine manufacturing facility in Buffalo, New York. The engines will power SUVs and Pickup Trucks for the company.
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