Hyundai has signed a letter of intent with Iveco Group, a commercial vehicle brand, signaling its commitment to accelerate innovation in the heavy-duty truck sector.
Hyundai said the letter strengthens its alliance with Iveco Group, which began in early 2022. The two companies plan to continue working together to produce commercial vehicle solutions for the European market, which the automaker said would incorporate battery electric and fuel cell powertrains.
Iveco Group has produced two models as a result of its alliance with Hyundai: the eDaily Fuel Cell Electric Vehicle, showcased in late 2022 at the IAA Transporation event in Hanover, and the BUS E-WAY H2, unveiled during the Busworld event in Brussels last year. This February, the two brands formed an agreement that would see Iveco build an electric light-duty vehicle using Hyundai’s eLCV platform.
Iveco Group is the latest in a series of business partnerships the South Korean automaker and its subsidiaries have formed in recent months. Last year, Hyundai and Amazon formed an agreement that would see the company’s vehicles sold on the e-commerce giant’s platform. The deal was initially a source of concern for dealers who worried that they would be forced to compete with Amazon for customers, although subsequent updates have eased some of the retail automotive community’s anxieties.
Hyundai’s sister company, Kia, is also looking to leverage electric powertrains in the commercial vehicle sector. During this February’s Consumer Electronics Show in Las Vegas, the company announced its Platform Beyond Vehicle (PBV) system, through which it plans to design customizable, light-duty models for a variety of applications, including the Concept PV5 van.
