Motoring: Iveco, Hyundai Motor to explore collaboration on vehicle tech, supply – Gulf Digital News
- Date: 07-Mar-2022
- Source: Gulf Digital News
- Sector:Technology
- Country:Gulf
Motoring: Iveco, Hyundai Motor to explore collaboration on vehicle tech, supply – Gulf Digital News
MILAN: Italian truck, bus and engine maker Iveco group said on Monday it had signed a preliminary deal with South Korea's Hyundai Motor Company to explore collaboration on shared vehicle technology, joint sourcing and mutual supply.
The two companies singed a memorandum of understanding (MoU), which marks a preliminary step in assessing potential cooperations in technology and platforms, encompassing components and systems, Iveco said in a statement.
"The areas of possible mutual interest are electric powertrains and platforms such as fuel-cell systems, vehicle automation and connectivity for commercial vehicles," the company said without providing details.
Analysts have often seen Iveco as a potential M&A target, given its smaller size compared to European rivals like Volkswagen's Traton , Daimler Truck or Volvo Group.
The agreement with Hyundai is in line with the two group's "independent strategies", Iveco said.
A potential cooperation with Hyundai will not affect Iveco's partnership with US company Nikola on electric and hydrogen heavy trucks, a spokesman for the Italian company said.