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Hyundai Motor Company on Monday signed a preliminary deal with Italian truck, bus and engine maker Iveco group to explore collaboration on shared vehicle technology, joint sourcing and mutual supply. Both the companies signed a Memorandum of Understanding (MoU) as a preliminary step in assessing potential cooperations in technology and platforms, encompassing components and systems.
Areas of possible mutual interest between both the companies are electric powertrains and platforms such as fuel-cell systems, vehicle automation and connectivity for commercial vehicles. Iveco has often been seen by analysts as a potential M&A target, given its smaller size compared to European rivals like Volkswagen's Traton, Daimler Truck or Volvo Group.
Also Read : Hyundai-owned luxury car brand Genesis readies seven more Evs for launch by 2030
The mutual agreement with Hyundai is in line with the both the company's "independent strategies", Iveco said in a statement. A potential cooperation with Hyundai will not affect Iveco's partnership with EV maker Nikola on electric and hydrogen heavy trucks, a company spokesman clarified.
In a separate development, Hyundai recently revealed its electric roadmap, highlighting its commitment to shift to electric mobility. The company has confirmed plans of as many as 11 new EVs by the end of this decade. The Hyundai push towards electrification is based on strategies which include more products that are completely powered by battery, expanding manufacturing capabilities of such models and securing hardware and software competitiveness (Read full report here).
The company has an ultimate objective of selling 1.87 million all-electric vehicles for a seven per cent share in the global EV space, with as many as 17 EV models which also include six under the Genesis brand. While Hyundai EV plans for the future include three sedan models, six SUVs, one light commercial vehicle and one new type model, the EVs under Genesis brand include two passenger cars and four SUVs. This includes the electrified GV70 which is scheduled for a launch later this year.