South Korea's biggest automaker Hyundai Motor said Thursday that it has agreed with U.S.-based General Motors(GM)to jointly develop and produce vehicles and technologies.

The two automakers signed an agreement to explore future collaboration across key strategic areas,with potential collaboration projects centering on the co-development and production of passenger and commercial vehicles,and internal combustion engines as well as clean-energy,electric and hydrogen technologies.

The South Korean and U.S.companies will review opportunities for combined sourcing in areas such as battery raw materials,steel and other areas,Hyundai noted.

"This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments,as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies,"said Chung Eui-sun,executive chair of Hyundai Motor Group.

"GM and Hyundai have complementary strengths and talented teams.Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently,"Mary Barra,chair and chief executive of GM,said.

（Picture: Veer）