GM And Hyundai's Electric Van And Truck Plans Are Coming Together

The auto giants are exploring a broad partnership across vehicle segments and EV batteries.

CM Hyundai GM

Photo by: InsideEVs

Suvrat Kothari

By: Suvrat Kothari

Mar 21, 2025 at 11:23am ET

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Tesla’s sales decline may give its rivals a natural advantage, but General Motors and Hyundai aren’t looking for an easy win. Instead, they’re doubling their EV efforts and even teaming up for future models. The race for EV dominance is more than outpacing Tesla; it’s about keeping up with Chinese automakers, bracing for potential tariffs and being resilient in a global trade war.

Welcome to this Friday edition of Critical Materials, your daily round-up of news and events shaping up the future of cars and technology.

Also on our radar today: We get some data on exactly how many owners were giving up their Teslas. Plus, Mitsubishi is joining hands with Foxconn to outsource EV manufacturing.

30%: GM And Hyundai May Join Forces For Next-Gen EVs

Hyundai ST1 electric commercial van

Hyundai's ST1 electric commercial vans.

Photo by: Hyundai

Sales of electric GM and Hyundai vehicles in the U.S. have been shattering records quarter after quarter. Hyundai’s Santa Fe and Tucson hybrid sales are also soaring. However, in China, GM is getting pummeled by seemingly unstoppable Chinese automakers who have mastered high-tech electric and software-defined vehicles.

Hyundai's presence in China is minimal, but the spillover of Chinese EVs in other global markets means it could use a strong ally to bolster its international operations anyway. And that’s exactly what seems to be happening.

The auto giants are reportedly exploring a broad partnership including next-generation battery and battery materials, badge-engineered vehicles and maybe even joint purchase or development of computing chips, which are in vogue at the moment. Reuters said Hyundai could provide GM with electric commercial vans to take on the Ram ProMaster, Ford Transit and the Mercedes-Benz Sprinter. And GM is considering supplying its midsize trucks to Hyundai.

The GM electric van could ride on the futuristic ST1 platform that Hyundai revealed last year. Initial reports suggested that it would be exclusive to South Korea, but now Hyundai may sell rebadged versions to GM. Hyundai would initially import these but is also considering setting up a plant in the U.S. by 2028, with an initial capacity of 60,000 annual units by 2030 and 100,000 units by 2032.

Here’s a list of potential partnerships between GM and Hyundai:

GM may get a small electric van based on Hyundai’s ST1 platform, plus a larger model.
GM could get a rebadged Hyundai Creta compact SUV for the Brazilian market.
Hyundai might get rebadged Chevrolet Colorado and GMC Canyon midsize trucks in the U.S.
Hyundai is also seeking a full-sized pickup, but GM hasn’t tabeled that option yet.
Joint development of next-gen batteries, battery materials and chips.
Shared sales and service networks for the electric vans.

Teaming up to take on China’s juggernauts seems to be the go-to solution for legacy brands these days. However, the urgency seems to be increasing as they try to make their businesses more resilient to the wobbly regulatory environment. President Trump’s threats of tariffs could upend the intertwined global supply chain networks that automakers have spent decades building.

Automakers can best absorb the impact of such policies together instead of going solo.

60%: Record Number Of Teslas Were Traded In This Month

2025 Tesla Model 3 Performance (Euro-Spec)

Photo by: Andrei Nedelea

We knew that some Tesla customers were upset with CEO Elon Musk’s antics in the White House. Some of them also included celebrities, who were trading in their Teslas to dust off its political baggage. However, there was little data on how many Teslas exactly were being given up as millions of Model Ys and Model 3s cruise on U.S. streets. Now we have an estimate.

According to Edmunds data viewed by Reuters, the first half of March witnessed a record number of Tesla trade-ins. Teslas from model year 2017 onwards accounted for 1.4% of all vehicle trade-ins until March 15, up from 0.4% during the same period last year. Tesla trade-ins for March so far are the highest ever in Edmunds records. That share is expected to increase in the second half of the month.

In February, Teslas accounted for 1.2% of all trade-ins.

Here’s more from that report:

"Brand loyalty is becoming a bigger question mark as factors such as Elon Musk's increasing public involvement in government, Tesla depreciation concerns and its increased saturation in major metro areas leave some longtime owners feeling disconnected from the brand," said Jessica Caldwell, Edmunds' head of insights.

Social media has been rife with angry protesters outside Tesla showrooms across the U.S. Canada has even banned Tesla from key incentive programs amid Musk’s support for Trump who has threatened to annex the country and turn it into America’s “51st state.” And Musk’s firing of tens of thousands of American workers under his Department Of Government Efficiency has not gone down well with voters even in Republican districts and counties.

90%: Mitsubishi May Outsource EV Production To Foxconn

2025 Mitsubishi Outlander PHEV

Photo by: Mitsubishi

Taiwanese contract manufacturing giant Foxconn has been sprinkled in and out of several merger talks lately. None of them have really materialized. That may soon change as Mitsubishi has roped in Foxconn to help build its EVs, according to local reports from Japan.

The Japanese automaker’s presence in the EV space is barely a blip. It’s also late to the party and now it needs help to accelerate its EV ambitions. The Mitsubishi i-MiEV has been out of production for years and it currently offers only one EV in the U.S. and that too is the plug-in hybrid Outlander.

It does plan to launch a new fully electric model in the U.S. next year and reports suggest that would be a twin of the next-generation Nissan Leaf. It’s unclear which Mitsubishi EV Foxconn will produce, but either way, it’s a way for it to speed up development and keep costs in check.

100%: Should Tesla Get A New Leader?

Musk New Model Y

Photo by: InsideEVs

The heavy lifting behind the new Model Y refresh—engaging with the press, diving into intricate engineering and design details—was handled not by Musk, but by Tesla’s VP of Engineering, Lars Moravy and design chief, Franz von Holzhausen. There’s little evidence Musk is spending much time in Austin. Instead, he’s been busy cozying up to Trump and has planted himself in the White House.

What do you think?

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His other companies, SpaceX and social media platform X, already have their own leadership. Would Tesla be better off with the same? And who should even do it?

Do you work at Tesla, or are a former employee and have a story to share? We are happy to chat securely and anonymously. Reach out to me through the Signal app at suvratk.74 or shoot an email suvrat.kothari@insideevs.com