TL;DR:Hyundai is reportedly in talks with General Motors (GM) to use its Ultium platform for an upcoming electric pickup, potentially saving development costs and accelerating its entry into the US market. GM’s Ultium platform powers models like the Chevrolet Silverado EV and GMC Hummer EV, supports EREV applications like GM Defense’s eMCV, and demonstrates flexibility for various EV applications. Hyundai could join other Korean automakers, including Kia, which is developing its own lineup of electric pickups, such as the Kia Tasman.
GM’s Ultium Platform and Hyundai’s Plans
Hyundai’s exploration of GM’s Ultium platform would allow the automaker to compete in the US electric pickup market without building a platform from scratch. This approach aligns with Hyundai’s broader EV strategy, which includes smaller vehicles like the in-development successor to the Hyundai Santa Cruz EV and innovative purpose-built vehicles (PBVs) such as the Hyundai PV5 for urban and commercial use.
Notably, GM has a history of collaboration with Korean automakers. In the early 2000s, GM acquired a controlling stake in Daewoo Motors, later rebranding it as GM Korea, which now serves as a key design and engineering hub for GM’s small and mid-size vehicles. Hyundai’s potential use of GM’s technology would represent a new chapter in this history, leveraging GM’s innovation to enhance Korean EV competitiveness.
Hyundai’s move also complements Kia’s ambitious EV plans, including the Kia Tasman, a mid-size pickup aimed at global markets, with both PHEV and BEV variants rumoured. Kia also has a larger pickup under development, aimed squarely at the US market, potentially rivalling the Ford F-150 Lightning. In fact, the Chevrolet Silverado was seen being benchmarked in Korea just last month (December 2024).
Why Ultium Makes Sense for Hyundai
Leveraging the Ultium platform could give Hyundai several advantages, including accelerated development, cost efficiency, and access to proven capabilities. GM’s electric pickups like the Chevrolet Silverado EV and GMC Hummer EV Pickup demonstrate the platform’s versatility, with features like:
- Range: Up to 400 miles (644 km).
- Towing: Up to 10,000 lbs (4,536 kg).
- Charging: DC fast charging at 350 kW for quick energy top-ups.
The Ultium platform has also been adapted for extended-range electric vehicles (EREVs). For example, GM Defense’s Electric Military Concept Vehicle (eMCV) integrates a 2.8-litre turbo-diesel engine as a generator, offering extended range and off-grid capability. Hyundai could explore a similar setup for its pickups, targeting customers who need towing, utility, and reliability in remote areas.
Sales Trends for Ultium-Based Pickups
Sales of Ultium-based electric pickups, like the Chevrolet Silverado EV and GMC Hummer EV, are contributing to GM’s increasing EV market share, which rose to 9.5% in Q3 2024, up from 7.1% in Q2. While specific sales numbers for these models are not fully disclosed, GM is maintaining a strong position in the EV segment, second only to Tesla. In contrast, Tesla’s Cybertruck outsold Ford’s F-150 Lightning in Q2 2024, with Tesla selling 8,755 units versus Ford’s 7,902 units.
Hyundai and Kia are also seeing strong growth in the EV market, with Hyundai setting a new U.S. sales record in 2024, driven by high demand for their electric vehicles. With a successful track record in EVs, they are well-positioned to enter the electric truck market. If Hyundai and Kia launch competitively priced electric pickups, they could challenge American and Chinese automakers in this growing segment.
