General Motors, Hyundai explore collaboration to work on new vehicles

(CBS DETROIT) - General Motors and Hyundai have entered into an agreement to explore future partnerships to develop new vehicles together, the automakers announced Thursday.

Possible areas of collaboration include the co-development and production of commercial vehicles, internal combustion engines and clean-energy, electric and hydrogen technologies, according to a release.

The two companies will also look into opportunities for combined sourcing in "battery raw materials, steel and other areas." The agreement was signed by General Motors Chair and CEO Mary Barra and Hyundai Motor Group Executive Chair Euisun Chung.

This comes at a time when automakers are working to make effective and efficient changes as they shift facilities for the development of electric vehicles .

Barra said this collaboration will allow for more efficiency in developing vehicles and getting them to consumers.

"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," said Barra.