GM and Hyundai to ‘immediately’ explore partnerships in EV development and supply chains
General Motors (GM) and Hyundai Motor Group announced the signing of a Memorandum of Understanding to explore potential partnerships across a myriad of automotive tech segments, including joint EV and powertrain development, manufacturing, and supply chain sourcing.
One of the world’s most prominent American automakers has announced a potential landmark partnership with one of the most innovative and promising automakers in the BEV segment today. For years, GM has proclaimed its dedication to going all-electric and has promised several new models in the works.
For quite a while, customers were left to choose between the now lame-duck Chevy Bolt or the super-expensive Hummer EV while they waited for more affordable models. But GM and its sub-brands have finally begun bringing more BEVs to market—but not without GM’s fair share of growth issues.
A glimmer of hope in affordable GM EVs has been the Chevy Equinox, which, although it arrived at a starting price higher than originally advertised, offers plenty of positives, remains one of the brand’s most affordable new models, and should sell well.
Yesterday, we learned that GM would be beginning sales of the Equinox in Korea, presumably taking its affordable EV battle to Hyundai Motor Group’s home turf. However, news shared by GM and Hyundai earlier today paints a different picture—one of (potential) collaboration in EV technology development.
GM, Hyundai sign potential game-changing global alliance
GM and Hyundai held a joint press conference earlier today in which executives from both parties signed a Memorandum of Understanding (MoU) to “immediately” begin exploring paths for collaboration through a “global alliance.”
According to the automakers, the goal of the MoU is to investigate joint product development, manufacturing, and future clean energy technologies, including the co-development of passenger and commercial BEV models and powertrains.
GM and Hyundai will look to capitalize on their respective strengths and scales in order to cut costs and bring more new models to the public faster. Per GM CEO and chair Mary Barra:
GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.
In addition to EV development, GM and Hyundai said they will also explore avenues in which they can combine supply chain sources of things like battery raw materials, steel, and other components. Hyundai Motor Group executive chair, Euisun Chung, also spoke:
This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies.
Per GM and Hyundai, the process of assessing potential opportunities for collaboration and their respective progression toward binding agreements will begin as soon as possible.
Electrek’s take
If it comes to fruition, this could be a home-run deal for both sides in the automotive industry. As I tend to point out often when I cover Hyundai Group on Electrek, there is arguably no other OEM doing more right now in terms of consistent innovation and quality EV deliveries.
They just seem to get it right every time. I think a lot of this early success can be traced back to Hyundai, beginning with 800V platforms years ago, beginning with the IONIQ 5 and Kia EV6. That platform technology was arguably not necessary at the time of its development but served as a hefty investment in the future, and it’s paid off tenfold so far.
Unlike Hyundai Motor Group, GM has struggled with its Ultium platform in terms of efficiency and has had to load up its current BEV models with huge battery packs to deliver a competitive range. Larger batteries equal higher costs to consumers, so GM’s pricing has gone up. Many of its available models are more premium and priced as such against vehicles from Rivian, Lucid, and Mercedes. I would personally take a Rivian over any GM electric truck, and much of the market has agreed.
With help from Hyundai, GM could fix some of its architectural woes and bring down supply chain costs, thus delivering more of the affordable BEV models it has been promising for five years now. On the other side of the table, Hyundai, which remains a much smaller OEM than GM on a global scale, could gain access to the American automaker’s manufacturing and distribution prowess and cash in on some of GM’s fame.
If this MoU solidifies into genuine partnerships, it would be a win-win for everyone. I’m excited to see what these two can create together.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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As “extreme” weather events become more commonplace, the demand for reliable and portable energy continues to rise. In response to that growing demand for dependable off-grid power, Volvo has developed the new PU500 Battery Energy Storage System (BESS) designed to take electrical power when it’s needed most.
Designed to be deployable in a number of environments at a moment’s notice, the Volvo Energy PU500 BESS is equipped with approximately 500 kWh of usable battery capacity (up to 540 kWh total). More than enough juice, in other words, to power a remote construction site, disaster response effort, or even a music festival – anything that needs access to reliable electricity beyond a grid connection.
That’s great, but what sets the PU500 apart from other battery storage solutions is its integrated 240 kW DC fast charger.
“With an integrated CCS2 charger, the PU500 is designed to work with all brands of electric equipment, trucks, and passenger cars,” says Niklas Thulin, Head of BESS Product Offer at Volvo Energy. “This ensures that no matter what type of electric vehicle or machinery you rely on, the PU500 can provide the power you need, making it a truly flexible solution for any grid constrained site or location.”
The integrated charger in the PU500 has the impressive ability to charge a heavy equipment asset (be that an electric semi truck or something like a wheel loader) in under two hours. Its on-board capacity allows to fully recharge up to 3 electric HD trucks or 20 electric cars per day, making it an incredibly versatile disaster response asset.
Electrek’s Take
As we often say over at The Heavy Equipment Podcast, “just because you’re working for the power company doesn’t mean you have power,” and there are hundreds of scenarios where the extra power provided by something like the new PU500 would be useful. Its ability to be palletized and easily moved or swapped out of a larger BESS array, too, just add to its flexibility.
SOURCE | IMAGES: Volvo.
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