South Korea and the United States are looking to team up once again. And no, it’s not about war, but it’s about developing electrified vehicles.

Hyundai Motor and General Motors have signed a Memorandum of Understanding to study a possible strategic collaboration on developing electric vehicles, manufacturing, and exploring clean energy technologies.

Both companies are set to explore how their complementary strengths and their economies of scale can be leveraged to reduce costs, while also accelerating the development of a wider range of vehicles and technologies.

“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 GM Chair and CEO Mary Barra.

Their potential collaboration could include joint efforts in developing and manufacturing both passenger and commercial vehicles, internal combustion engines, and advanced clean-energy technologies, such as electric and hydrogen fuel cells. The two will also examine opportunities in sourcing out battery raw materials, as well as steel and other vehicle components.

“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 Hyundai Motor Group Executive Chair Euisun Chung.

By our understanding, the MoU signed by both manufacturers is still a non-binding agreement. But should the partnership prove to be indeed beneficial to both parties, then perhaps we could see products that are similar to what Honda and GM did with the Prologue EV.