The two companies will reach an agreement by the end of the quarter as they find new ways to collaborate on electric vehicles.

“We are considering re-badging our commercial EVs and supplying GM,” Hyundai’s CFO, Lee Seung Jo, said on a conference call (via Reuters) Thursday. Lee added the deal would pave the way for our entry into the North American commercial vehicle market.”

DB Financial Investment said in a recent research note that Hyundai Motor's expanding lineup of EV models and EV output increases could help raise its global car-market share to 12% by 2026 from an estimated 10% currently. With a new EV plant set to open in Georgia, the brokerage said, Hyundai's EV sales in the U.S. could rise significantly.