The pair will develop the next generation of vehicles designed to transport astronauts across the surface of the moon in an "unprecedented fashion."
"Surface mobility is critical to enable and sustain long-term exploration of the lunar surface," Rick Ambrose, executive vice president for Lockheed's space division, said in a statement.
"These next-generation rovers will dramatically extend the range of astronauts as they perform high-priority science investigation on the moon that will ultimately impact humanity’s understanding of our place in the solar system.”
The new-model rovers will be designed to "traverse significantly farther distances" that the 4.7-mile range the original Apollo rovers possessed.
The company statement called GM a leader in battery-electric technology and propulsion systems and mentioned the company's autonomous technology.
GM has an extensive history of working with NASA in the space industry, going back to manufacturing, testing and integrating the guidance and navigation systems for the Apollo moon program.
Meanwhile, Lockheed has built spacecraft and systems that have gone to every planet.
Last month, the company reported better than expected first quarter earnings, while lifting its full-year sales guidance, amid questions over the fate of the F-35 fighter jet program.
Shares of Lockheed at last check were down 0.8% at $382.90. GM shares were up 1.6% to $57.66