Hyundai and GM Sign Memorandum of Understanding to Explore Collaboration on Vehicles, Supply Chain and Clean-Energy Technologies

NEW YORK, Sept. 12, 2024 /PRNewswire/ -- General Motors (NYSE: GM) and Hyundai Motor Company (KRX: 005380 KS) have signed an agreement to explore future collaboration across key strategic areas.

GM and Hyundai will look for ways to leverage their complementary scale and strengths to reduce costs and bring a wider range of vehicles and technologies to customers faster.

Potential collaboration projects center on co-development and production of passenger and commercial vehicles, internal combustion engines and clean-energy, electric and hydrogen technologies.

The two leading global OEMs also will review opportunities for combined sourcing in areas such as battery raw materials, steel and other areas.

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.

"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.

Hyundai and GM's flexibility and agility will allow both companies to explore the development of their shared capabilities.

"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," said Chung.

Following the signing of the non-binding Memorandum of Understanding, assessment of opportunities and progression towards binding agreements will begin immediately.

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is GM's battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com. 

Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision 'Progress for Humanity,' Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions while pursuing open innovation to introduce future mobility services. In pursuit of a sustainable future for the world, Hyundai will continue its efforts to introduce zero-emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be found at:
http://worldwide.hyundai.com or http://globalpr.hyundai.com

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Hyundai and GM Sign Memorandum of Understanding to Explore Collaboration on Vehicles, Supply Chain and Clean-Energy Technologies

Hyundai and GM Sign Memorandum of Understanding to Explore Collaboration on Vehicles, Supply Chain and Clean-Energy Technologies

New ECW Results Report highlights significant learning outcomes achieved for children and adolescents in crisis settings and calls for urgent additional donor support to meet the rapidly escalating needs.

NEW YORK, Sept. 18, 2024 /PRNewswire/ -- The global community is falling behind on its promise to ensure 'quality education for all' by 2030. Armed conflicts, forced displacement, climate change, and other emergencies and protracted crises have left more than 224 million crisis-affected children in urgent need of education support, a sharp rise from 75 million in 2016.

Despite these growing needs, funding for education in emergencies and protracted crises dropped for the first time in a decade, according to Education Cannot Wait's 'Results Against All Odds: 2023 Annual Results Report', launched today in New York.

Overall humanitarian funding for education decreased by 3% last year, from US$1.2 billion in 2022 to US$1.17 in 2023, according to the report.

Education Cannot Wait (ECW), the global fund for education in emergencies and protracted crises within the United Nations, and its strategic partners continue to defy the odds, delivering life-saving,  life-sustaining and multi-year investments in education to the world's most vulnerable children and adolescents.

Since ECW became operational in 2017, its investments have reached 11 million children and adolescents, including 5.6 million girls and boys in 2023 alone. This reach is unprecedented. Yet, much more resources are needed to meet the needs of the over 224 million children, adolescents and their teachers in need of urgent support.

To date, the Fund has mobilized more than US$1.6 billion from public and private donors. However, $600 million urgently needs to be mobilized in donor contributions for ECW and its strategic partners to reach a total of 20 million children and adolescents with inclusive, quality education by the end of its 2023-2026 strategic plan period.

"For our 25 strategic donor partners, these transformative investments deliver a quality child-centered and holistic education, and thus represent a commitment to sustainable development, human rights, economic resilience and global security," said The Rt. Hon. Gordon Brown, UN Special Envoy for Global Education and Chair of ECW's High-Level Steering Group. "Education is the most powerful tool to restore hope in a world marred by brutal conflicts, human rights violations and inequality. It is our investment in a new generation of leaders."

Impact, Depth and Sustainability
From Afghanistan, the Democratic Republic of Congo, Ethiopia, Gaza, the West Bank, to Haiti, the Sahel, Sudan, Ukraine and other hotspots around the globe, ECW's report highlights the profound impact of education in crisis settings.

"Girls and boys in crises are enduring the worst impacts of brutal man-made conflicts, forced displacement, climate change and other disasters. Our new report proves that despite these challenges, it is possible to provide them with the protection, hope and life-changing opportunity of a quality holistic education. To do this, we urgently call for US$600 million to meet our strategic plan targets and ensure a better future for 20 million girls and boys by the end of 2026," said ECW Executive Director Yasmine Sherif. "This is the time to make a moral choice that is aligned with political action."

The new report shows ECW's strong focus on the world's most vulnerable and at-risk children: of the children reached in 2023, more than half were girls (51%), 17% were internally displaced and 22% were refugees.

The quality and impact of the education delivered – even in the most difficult of circumstances – is also improving. In all, 9 out of 10 programmes reported improved school enrollment and 72% showed gender-equitable progress. ECW reported that, among programmes able to monitor learning outcomes, 80% of its investments demonstrated academic improvements and 72% showed improvements in children's social and emotional learning and well-being.

ECW investments also improved the continuity of learning with notable increases in the number of girls and boys reached through the Fund's investments in early childhood education and secondary school, disability inclusion, gender-transformative approaches, mental health support, and agile, holistic solutions that address whole-of-child needs. 

The climate crisis is an education crisis. The number of children reached through First Emergency Responses resulting from climate-induced hazards nearly doubled from 14% in 2022 to 27% in 2023.

"Education is a public good and a fundamental right. To achieve our goals, global leaders must align policies, funding and humanitarian principles. Multilateral aid funding must immediately be increased to reverse the current downward trend, and partnerships and collaboration must be strengthened across humanitarian, development and peace efforts. Education Cannot Wait has shown us that the seemingly 'impossible' is indeed possible – provided that the funding is made available," said The Rt. Hon. Gordon Brown.

Note to Editors 

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Results Against All Odds: Education Cannot Wait Reaches 11 Million Children in Crises Worldwide