GM And Hyundai Join Forces To Boost Competitiveness And Improve Efficiency

Benzinga09-18

On Thursday, General Motors (NYSE: GM) and Hyundai Motor Company (OTC: HYMTF) announced that they signed a memorandum to explore joint product development, manufacturing, and clean energy technologies...

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As they continue to expand their charging network, EVgo and GM plan to install 400 fast charging stalls at key metropolitan locations across the US. GM and EVgo plan to install 2,850 DC fast charging stalls altogether, with funds redirected to enhance premium charging experiences at key sites.Even Europe’s largest carmaker, Volkswagen  is considering shutting down factories for the first time in decades. But despite an alarming situaton, Volkswagen is not abandoning its home, Germany. It’s becoming tougher and tougher to compete and this is not only the case in Europe. Volkswagen already suffered a sharp market loss in China thanks to BYD  and BYD is now going for Europe. BYD has been giving headaches to many auto","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","TQQQ":"纳指三倍做多ETF","WKSPW":"WORKSPORT LTD C/WTS 06/08/2024 (TO PUR COM)","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","EVGO":"EVgo Inc.","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4561":"索罗斯持仓","PSQ":"纳指反向ETF","BK4581":"高盛持仓","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","NSANY":"日产汽车","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","BK4099":"汽车制造商","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","BK4511":"特斯拉概念","BK4124":"机动车零配件与设备","BK4548":"巴美列捷福持仓","NSANF":"Nissan Motor Co., Ltd.","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","TSLA":"特斯拉","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","HYMTF":"Hyundai Motor Co., Ltd.","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4574":"无人驾驶","GM":"通用汽车","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4534":"瑞士信贷持仓","QID":"纳指两倍做空ETF","HYMLF":"Hyundai Motor Co., Ltd.","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4555":"新能源车","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","SQQQ":"纳指三倍做空ETF","BK4527":"明星科技股","HMC":"本田汽车","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4559":"巴菲特持仓","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4550":"红杉资本持仓","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC",".IXIC":"NASDAQ Composite","QLD":"纳指两倍做多ETF","WKSP":"Worksport Ltd","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC"},"translate_title":"通用和现代联手增强竞争力并提高效率","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WKSP":1,"GM":1,"EVGO":1,"NSANF":0.9,"HYMTF":0.9,"HYMLF":0.9,"HMC":0.9,"NSANY":0.9,"WKSPW":0.9,".IXIC":0.81,"PSQ":0.6,"QID":0.6,"QLD":0.6,"SQQQ":0.6,"TQQQ":0.6,"TSLA":0.6,"MNQmain":0.6,"NQmain":0.6},"content_text":"On Thursday, General Motors (NYSE: GM) and Hyundai Motor Company (OTC: HYMTF) announced that they signed a memorandum to explore joint product development, manufacturing, and clean energy technologies. Together, they will try to find ways to leverage their scale and complementary strengths to lower costs and bring a wider range of vehicles and technologies to customers faster. Yet, this agreement won’t be limited ot EVs, as it will also explore hydrogen-powered and ICE vehicles, including both passenger and commercial vehicles. With combined expertise and innovative technologies, Hyundai and GM are hoping to enhance their competitiveness in key markets and vehicle segments.\nGM And EVgo Partnership Also Gained A New Chapter\nIn addition, GM also disclosed in a separate note that it is expanding its partnership with EVgo Inc (NASDAQ: EVGO). As they continue to expand their charging network, EVgo and GM plan to install 400 fast charging stalls at key metropolitan locations across the US. GM and EVgo plan to install 2,850 DC fast charging stalls altogether, with funds redirected to enhance premium charging experiences at key sites.\nHyundai has an eye for emerging technologies. Back in 2022, Hyundai America Technical Center Inc entered into a formal agreement with a maker of clean energy-powered pickup accessories, Worksport Ltd (NASDAQ: WKSP). Hyundai secured prototypes of a solar-powered tonneau cover SOLIS and a modified version of the COR portable energy storage system that Worksport made, modified for the bed geometry of the Hyundai Santa Cruz Pickup Truck. Worksport is expected to launch the alpha release of this groundbreaking duo this month. Earlier this month, Worksport also revealed it successfully lab tested the COR to extend the range of Tesla Inc (NASDAQ: TSLA) EVs, namely its Model 3 and Cybertruck. \nGeneral Motors and Hyundai followed the footsteps of Nissan Motor Co. (OTC: NSANY), Honda Motor Co. Ltd (NYSE: HMC), and Mitsubishi Motors Corporation. Back in August, Nissan, Honda and Mitsubishi announced they signed a memorandum to work together on a framework for further intelligence and electrification of automobiles. Last month, Nissan and Honda also announced they signed a second memorandum of understanding based on an agreement signed in March. Together, Nissan and Honda joined forces in research, development, and investment in various technologies to promote the spread and evolution of EVs and software-defined vehicles (SDVs).\nThe Automotive Market Is Not The Best Place To Be At Right Now\nEven Europe’s largest carmaker, Volkswagen (OTC: VWAGY) is considering shutting down factories for the first time in decades. But despite an alarming situaton, Volkswagen is not abandoning its home, Germany. It’s becoming tougher and tougher to compete and this is not only the case in Europe. Volkswagen already suffered a sharp market loss in China thanks to BYD (OTC: BYDDY) and BYD is now going for Europe. BYD has been giving headaches to many automakers across the globe, beginning with the EV pioneer, Tesla Inc (NASDAQ: TSLA) with whom it stands shoulder to shoulder on the EV front, with the two being the world’s largest EV makers. Even with aggressive discounting, Tesla does not have the right formula to challenge BYD. From January to August, CPCA reported that BYD held 34.6% of the Chinese NEV market, leading the way, with Tesla taking third place with a market share of 6.5%. When it comes to the retail passenger car market in August alone, including both traditional internal combustion engine vehicles, BYD led with a market share of 19.9% while Tesla ranked 9th with a market share of 3.3%, being surpassed by joint ventures of Volkswagen and others. \nA Future Built On Partnerships\nAs it continues to undergo its biggest transformation in a century, the automotive landscape is messy, to say the least. The electric revolution is underway but automakers are having a tough time to evolve. Only time will show who will make the cut in the new EV era and by the looks of it, no one is powerful enough to go at it alone.\nDISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.\nThis article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.\nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nGENERAL MOTORS (GM): Free Stock Analysis Report\n\nThis article GM And Hyundai Join Forces To Boost Competitiveness And Improve Efficiency originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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