Hyundai Motor Co., South Korea’s top automaker, and Iveco Group NV, Italia's truck maker, have agreed to join hands on their commercial vehicle businesses.
They signed a memorandum of understanding on March 4 to seek opportunities for joint technology development and mutual supply, according to Hyundai on Monday.
Hyundai and Iveco are set to co-develop new technology and platforms, sharing not only them but also parts and systems -- including for electrification -- according to the agreement. Both automakers will seek ways to cut costs by joint purchases of parts and systems while discussing further details for the cooperation.
They may jointly work on electric powertrains and platforms including fuel cell systems, vehicle automation and connectivity for commercial vehicles, according to Hyundai.
The collaboration is expected to allow Hyundai to learn development know-how from Iveco, which accounts for about 12% of the European commercial vehicle market.
Iveco is predicted to improve its marketability with Hyundai’s technology on hydrogen and electric vehicles.
Write to Hyung-Kyu Kim at
khk@hankyung.comJongwoo Cheon edited this article.
