TNI || New Delhi || 08th March 2022
Iveco Group, an Italian truck, bus, and engine manufacturer, stated on March 7th that it had signed a preliminary agreement with Hyundai Motor Company of South Korea to explore cooperation on common automated vehicles, joint sourcing, and mutual supply.
The two businesses signed a memorandum of understanding (MoU) that serves as a first step in assessing performance technology and platform collaborations, encompassing components and systems, as per Iveco.
Electric powertrains and platforms, including fuel-cell systems, vehicle automation, and networking for commercial vehicles, are possible areas of common interest, the company said without revealing further information.
Given its lesser size relative to European rivals, notably Volkswagen’s Traton, Daimler Truck, or Volvo Group, analysts have frequently viewed Iveco as a possible M&A target.
According to Iveco, the arrangement with Hyundai is in keeping with the two companies’ “separate agendas.”
According to an Iveco representative, a potential collaboration with Hyundai will not disrupt the Italian company’s engagement with Nikola on electric as well as hydrogen heavy trucks.