Iveco Group and Hyundai Motor Company might work together in the future. MoU signed

Iveco Group and Hyundai Motor Company have signed a MoU aimed at exploring «possible collaborations on shared vehicle technology, joint sourcing, and mutual supply», as stated in the official press release. The agreement is «a further step in Iveco Group’s and Hyundai Motor Company’s independent strategies to create leading innovative solutions in today’s fast-changing environment by building an ecosystem of mutually beneficial partnerships».

Iveco Group and Hyundai Motor: further details

Areas of possible mutual interest pertain to electric powertrains and platforms including fuel-cell systems, vehicle automation and connectivity for commercial vehicles. The MoU is a preliminary step in assessing the potential for the two groups to cooperate in the domains of technology and platforms, encompassing components and systems.

Iveco Group is the result of the spin-off of CNH’s on-highway business, announced last year and made official in the very first days of 2022 by means of the company’s debut in Milan Stock Exchange. Iveco Group then shared its financial results coming from the various brands which are part of the group. These results highlighted +22 percent revenues year-on-year.

Hyundai Motor Company announced the intention to stop selling ICE-powered vehicles in Europe by 2035. The group started delivering its XCIENT Fuel Cell trucks, the world’s first mass-produced fuel cell electric heavy-duty truck, to customers in Switzerland.

As proven by the picture above, the signing took place at Hyundai Motor Company and the major participants include Gerrit Marx, CEO of Iveco Group; Marco Liccardo, Chief Technology & Digital Officer of Iveco Group; Jaehoon Chang, President and CEO, Hyundai Motor Company; and Martin Zeilinger, Executive Vice President and Head of Commercial Vehicle Development Tech Unit of Hyundai Motor Company.