Market Chatter: Hyundai Motor, General Motors Eye Pickup Truck JV, Potential Cross-Shareholdings

MT Newswires Live11-21 19:18

South Korea's Hyundai Motor (KRX:005380) and Michigan-based automaker General Motors are exploring a joint venture to develop a pickup truck model, Pulse News reported Wednesday, citing sources.

The collaboration, which could involve cross-shareholdings between the two companies, was discussed during a meeting between Hyundai Chairman Euisun Chung and GM CEO Mary Barra earlier this month, the report said.

The companies signed a memorandum of understanding in September for broader collaboration, with plans to target the Latin American market with the new pickup model, the report said.

Shares of Hyundai Motor fell more than 1% at market close on Thursday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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