Common Motors and Hyundai will discover the potential for collaboration in a number of areas, the automakers stated on Thursday.

The 2 signed a Memorandum of Understanding laying out the framework for the potential partnership and can now search to guage alternatives earlier than coming into binding agreements.

In a joint assertion, they stated collaboration can assist enhance competitiveness by way of improved efficiencies.

Areas being focused embody growth and manufacturing of automobiles each for the passenger and industrial segments, in addition to powertrains, together with fuel engines and EV and hydrogen applied sciences.

The 2 may even consider alternatives in procurement of metal and battery supplies, in addition to different areas.

GM just lately labored with Honda in various areas, together with growth and manufacturing of the 2024 Honda Prologue and 2024 Acura ZDX electrical SUVs. The 2 additionally deliberate to develop an inexpensive EV platform however bailed on the venture final 12 months.

Honda has since turned to Nissan and Mitsubishi to discover the potential for collaboration, particularly within the areas of car electrification and software program growth.

Toyota labored with BMW to collectively develop their respective Supra and Z4 sports activities automobiles, and earlier this month the 2 introduced a brand new partnership within the space of gas cell automobiles.

Most of the established automakers are wanting towards partnerships to assist fend off competitors from new rivals, notably from China which final 12 months overtook Japan to change into the world’s largest car exporter.