Pickup trucks and SUVs dominate the North American market and are gaining traction overseas. Seeing the opportunity, GM and Hyundai are reportedly teaming up to launch an electric pickup.
GM and Hyundai team up to launch an electric pickup
GM and Hyundai signed a Memorandum of Understanding in September to partner up on new vehicle development and manufacturing.
According to GM CEO Mary Barra, the partnership is designed to “unlock the scale and creativity of both companies.”
GM and Hyundai plan to “enhance competitiveness in key markets and vehicle segments.” They will use their competitive strengths to slash costs and introduce advanced new tech.
A new report from Korean media outlet Pulse claims Barra met with Hyundai Chairman Euisun Chung earlier this month to discuss the partnership. The report claims that Hyundai and GM aim to team up on the development of a new electric pickup truck.
Interestingly, the two leading OEMs are considering “badge engineering,” where Hyundai would sell vehicles made by GM with its branding or vice versa.
The partnership is significant, given the scope of the two auto giants. GM’s Chevy Silverado was the second best-selling vehicle nameplate in the US last year, behind Ford’s F-series. The Ram pickup placed third.
Fending off the competition
With pickup trucks being the top three-selling nameplates, Hyundai and GM want a bigger slice of the pie. By teaming up and complementing each other’s strengths, the two could slash costs and undercut competitors. This could also involve using each other’s sales networks.
The report notes that the jointly developed electric pickups will likely be aimed at the Latin American market. Although a smaller market than the US, Latin America has a significant share of pickup truck sales.
Ford’s Ranger and the Toyota Hilux are some of the top-selling pickups in Latin America. Meanwhile, China’s BYD launched its first pickup truck, the Shark PHEV, in Mexico, Brazil, Panama, and other countries as it expands overseas.
Hyundai’s next-gen EV platform, set to replace the current E-GMP, is designed to cover more than midsize SUVs.
CEO Jaehoon Chang said, “It encompasses nearly all vehicle classes, ranging from small and large SUVs to pickup trucks.” Could it serve as the platform for GM’s next EV pickup?
Would you buy a Hyundai and GM co-made electric pickup? What features or specs would you expect out of it? Let us know in the comments below.
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