Hyundai Motor Company and Iveco Group have agreed to explore possible cooperation in shared commercial vehicle technology, joint procurement and mutual supply. Possible areas for cooperation include electric powertrains and platforms, as well as hydrogen fuel cell systems.
Hyundai has announced that a memorandum of understanding has now been signed. This is “a preliminary step in evaluating the potential for the two groups to cooperate in the areas of technology and platforms, which include components and systems”. This specifically includes the areas of electric powertrains and platforms, including fuel cell systems, vehicle automation and connectivity for commercial vehicles that are of “potential mutual interest”.
Hyundai says that the two companies’ strategies would remain independent of each other. Both sides want to secure innovative solutions “in today’s rapidly changing environment” by building an “ecosystem of mutually beneficial partnerships”.
The outcome of these negotiations still seems to be open, and no time frame is given as to when the cooperation should be in place but the cooperation is being pushed forward from the highest levels: The Memorandum of Understanding was signed at Hyundai Motor’s headquarters in Seoul by Jaehoon Chang, President and CEO of Hyundai Motor Company, Gerrit Marx, CEO of the Iveco Group and other top managers of both companies.
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