On Thursday, General Motors (GM  ) and Hyundai Motor Company (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 to 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.

GM And EVgo Partnership Also Gained A New Chapter

In addition, GM also disclosed in a separate note that it is expanding its partnership with EVgo Inc . 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.

Hyundai 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 (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 (TSLA  ) EVs, namely its Model 3 and Cybertruck.

General Motors and Hyundai followed the footsteps of Nissan Motor Co., Honda Motor Co. Ltd , 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).

The Automotive Market Is Not The Best Place To Be At Right Now

Even Europe's largest carmaker, Volkswagen (VWAGY  ) is considering shutting down factories for the first time in decades. But despite an alarming situation, 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 (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 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.

A Future Built On Partnerships

As 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.