Though details are scarce on how the collaboration will work, the duo said they will work on future passenger cars and commercial vehicles powered by internal combustion engines,

The framework agreement was signed by Hyundai Motor Group Executive Chair Euisun Chung and GM Chair and CEO Mary Barra. Barra said a partnership between the two companies has the potential to make vehicle development more efficient by driving greater scale and supporting disciplined capital allocation.

Two of the world's largest car makers are joining forces to work on future electric products, among other things, to bring down costs.

General Motors and Hyundai Motor Co said on Thursday they have agreed to explore future collaboration across key strategic areas including potential joint vehicle development, supply chain issues and clean-energy technologies.

GM & Hyundai sign MoU to explore future collaboration in several strategic areas to cut costs and improve efficiency.

Yes folks, it seems General Motors and Hyundai have signed a memorandum of understanding to do business together. The unlikely pair apparently want to collaborate on all fronts, suggesting they might actually build a car together in the future.

Just weeks after Toyota and BMW signed a strategic partnership for the development of hydrogen vehicles, GM and Hyundai have joined the party, announcing a memorandum of understanding that paves the way for future collaboration on clean energy vehicles.