By Nora Eckert DETROIT, Dec 16 (Reuters) - Ford CEO Jim Farley walked through Ford’s Michigan design studio Monday afternoon, reflecting on how he was about to wipe out thousands of work hours on electric vehicles that he and his team had hoped would revolutionize the American auto industry. Shortly after, his company announced it would kill several of those battery-powered models and take a $19.5 billion writedown on EV-related assets. It marked the industry’s ​biggest electric-vehicle retreat since U.S ...

Core Insights - Hyundai Motor Company and General Motors have announced plans for their first five co-developed vehicles, marking a significant milestone in their strategic collaboration [1] - The companies aim to produce over 800,000 vehicles annually once production is fully scaled [2] Vehicle Development - Four vehicles will be co-developed for the Central and South American market, including a compact SUV, a car, a pick-up, and a mid-size pick-up, with options for internal combustion or hybrid propulsion systems [2] - An electric commercial van will also be developed for the North American market, with production expected to start as early as 2028 [3][8] Leadership and Design - GM will lead the development of the mid-size truck platform, while Hyundai will take charge of the compact vehicle and electric van [3] - The companies will share common platforms but will develop unique interiors and exteriors to align with their respective brands [3] Market Strategy - The collaboration targets the largest segments in Central and South America, as well as the commercial segment in North America [4] - Joint sourcing initiatives for materials, transport, and logistics are planned to enhance efficiency and reduce costs [5] Sustainability Efforts - Hyundai and GM will explore collaboration on low-carbon emissions steel as part of their commitment to sustainable manufacturing [6] - The companies are assessing additional joint vehicle development programs and collaboration opportunities across various propulsion systems, including hybrid and hydrogen fuel cell technologies [6]