General Motors Co. GM shares are trading higher Thursday on reports the company and Hyundai are forging an EV partnership for North America.
What To Know: Hyundai has confirmed ongoing talks to supply commercial electric vehicles to GM as part of a broader collaboration that includes parts procurement and passenger vehicle cooperation, according to Reuters. The companies reportedly aim to finalize binding agreements by the end of the first quarter of 2025.
“We are considering re-badging our commercial EVs and supplying GM… The deal will pave the way for our entry into the North American commercial vehicle market,” Hyundai CFO Lee Seung Jo reportedly said on an analyst call.
The planned partnership comes as both automakers navigate uncertainties in U.S. trade policy under U.S. President Donald Trump, who has proposed potential tariffs on imports from Canada and Mexico starting Feb. 1.
Separately, GM announced a recall of 2,890 all-wheel-drive Chevrolet Equinox EVs from the 2025 model year this week due to a software calibration issue in the brake control module.
The malfunction affects the adaptive cruise control feature, preventing the vehicle from braking as designed, which increases the risk of crashes. GM dealerships will address the issue by updating the software to restore proper functionality.
The Equinox EV, introduced in 2024, accounted for 41% of GM's electric vehicle sales in the fourth quarter, with 18,089 units delivered during the period. It was the 8th best-selling EV in the U.S. last year, with 28,874 units sold.
GM Price Action: General Motors shares were up 2.49% at $54.07 at the time of publication, according to Benzinga Pro.
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Photo: courtesy of GM.
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