Flavio Volpe, president of Automotive Parts Manufacturers’ Association, discussed the outlook for Canada's EV and auto parts sectors in a BNN Bloomberg interview. General Motors Co. and Hyundai Motor Co. have joined forces in a pact to co-develop vehicles. The agreement includes exploring joint development and production of gas-powered engines, electric, and hydrogen powertrains. Both companies also plan to collaborate on procurement of parts and raw materials like steel and critical minerals used in batteries. The strategic partnership aims to reduce expenses and enhance competitiveness in the face of rising investments for gas-fueled and electric vehicles, and competition from low-cost Chinese rivals. This deal marks the first large-scale collaboration for Hyundai with another automaker and contributes to GM's strategy to secure scale economies following a restructuring that saw the company exit markets in India, Russia, and Europe. GM's CEO, Mary Barra, and Hyundai's Executive Chair, Euisun Chung, signed a memorandum of understanding to initiate the partnership, which is focused on delivering more competitive vehicles to customers faster and more efficiently. Although the partnership does not commit to specific actions yet, both companies are eager to start exploring cooperative opportunities and progress towards binding agreements.