Two of the world’s largest automakers said Thursday they plan to collaborate on new vehicles and clean energy technologies.

General Motors and Hyundai signed a memorandum of understanding to look into the joint development of products, manufacturing and innovations in electric and hydrogen tech.

“GM and Hyundai have complementary strengths and talented teams,” General Motors Chief Executive Mary Barra said in a statement. “Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.”

Last year, Detroit-based General Motors sold 6.2 million vehicles globally — a 4.16% increase from the year earlier. Hyundai, based in Korea, sold 4.2 million vehicles — a 6.9% increase compared with 2022.

Both companies have plans to fully phase out gas-powered vehicles. While GM has pledged to phase out gas vehicles by 2035 and plans to introduce 30 new models by the end of the decade, Hyundai has said it plans to phase out gas by 2040 and will introduce 17 battery electric models by the end of the decade, when it aims to deliver 2 million EVs to the market.

Hyundai currently offers 19 types of EVs, including hybrids, battery electrics and hydrogen fuel cell. By the end of 2024, General Motors will have ten. General Motors and Hyundai are two of only three automakers that produce hydrogen fuel cell vehicles.

General Motors makes the fourth-bestselling battery electric vehicle in the US — the Chevy Bolt. Hyundai makes the seventh-bestselling Ioniq5.

In a statement, Hyundai said the two companies’ potential collaboration will reduce costs and make a larger variety of vehicles and technologies available to customers more quickly.

The two said they plan to look at ways they can combine sourcing of raw materials for steel and battery components.