Hyundai expands General Motors partnership under Trump Administration
Hyundai expands General Motors partnership under Trump Administration
Hyundai-General-Motors-deal-trump-import-tariffs
South Korean automaker Hyundai Motor plans to expand its tie-deal with General Motors (GM) under the Trump Administration.
“We are considering re-badging our commercial EVs and supplying GM…The deal will pave the way for our entry into the North American commercial vehicle market,” noted Hyundai’s Chief Financial Officer Lee Seung Jo.
In September 2024, Hyundai and General Motors signed a Memorandum of Understanding (MOU) to explore opportunities in developing electric vehicles, supply chains, and clean-energy technologies. Under the Trump Administration, GM and Hyundai are considering binding contracts with each other involving parts procurement, passenger cars, and commercial vehicles. Hyundai and General Motors aim to sign binding contracts by the first quarter 2025, reported Reuters.
On Thursday, January 23, 2025, Hyundai said it talked to General Motors about supplying commercial electric vehicles to the American automaker. Hyundai predicts that commercial EV sales growth will be halved in 2025 due to softening demand.
Hyundai also acknowledged a potential policy risk in the United States, given that President Trump has promised import tariffs. The South Korean automaker predicts any negative impact from Trump’s potential import tariffs would be more significant for Japanese automakers.
“We expect more business uncertainties this year than ever due to potential policy changes not just in the home market but also in the U.S., while there will be tougher emission rules in Europe,” Lee said.
Hyundai plans to minimize any negative impact from Trump’s import tariffs by further localizing production in the United States. The legacy automaker has already started production in its new Georgia factory, the Hyundai Motor Group Metaplant America (HMGMA).
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Source: https://www.teslarati.com/hyundai-general-motors-deal-trump-import-tariffs/
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