Hyundai Motor Group Executive Chairman Chung Euisun and General Motors Co. Chair and Chief Executive Mary Barra are to meet in September in Detroit, industry sources in Seoul said on Tuesday.
That raised expectations of deeper cooperation between the world’s third- and fifth-largest carmakers as the global auto industry is in turmoil following US President Donald Trump’s tariffs on imported vehicles.
Automotive News said Chung and Barra will be keynote speakers at the Automotive News Congress on Sept. 11 in Detroit.
“Barra and Chung will share their strategies for leading the shift toward electrification, advanced mobility and navigating global challenges in the automotive industry,” Automotive News said on Monday.
The Congress will bring together leading industry executives under the theme “Driving the Future: Innovation and Transformation in the Global Automotive Industry,” Automotive News said.
Speakers will include experts and executives from LG Energy Solution Ltd., Group 1 Automotive, S&P Global Mobility and many others, according to the industry media.
TO DEEPEN TIES
GM and Hyundai Motor Co. – the larger automaker in South Korea’s third-largest conglomerate Hyundai Motor Group – signed a cooperation deal in September last year.
The two companies agreed to jointly develop new vehicles and eco-friendly technology as well as co-manage supply chains.
They have been expected to build commercial electric vehicles and pickup trucks together and jointly buy parts, industry sources said, although the two automakers have yet to unveil details.
Given Trump’s 25% tariffs on imported cars, Hyundai and GM are predicted to focus on cost-cut measures.
If the two companies agree to share and rebadge each other’s vehicles, Hyundai Motor Group will be able to manufacture models in GM’s US plants and sell them in the country.
That will allow the group of two automakers – Hyundai Motor Co. and Kia Corp. – to avoid tariffs and cut costs on new model developments and sales networks, industry sources in Seoul said.
Hyundai Motor Group and GM are also likely to seek the joint development and purchases of next-generation automobile semiconductors, batteries and battery materials, the sources said.
By Jung-Eun Shin
newyearis@hankyung.com
Jongwoo Cheon edited this article.
