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Hyundai Motor CEO Chang Jae-hoon, Hyundai’s Executive Vice President and Head of Commercial Vehicle Development Martin Zeilinger, Iveco Group’s Chief Technology & Digital Officer Marco Liccardo and Iveco Group CEO Gerrit Marx participate in an MOU signing ceremony on March 4. (From the left, courtesy of Hyundai Motor) Hyundai Motor Co., South Korea’s top automaker, and Iveco Group NV, Italia's truck maker, agreed to join hands on the commercial vehicle business.They signed on March 4 a memorandum of understanding to seek opportunities for joint technology development and mutual supply, according to Hyundai on Monday.Hyundai and Iveco are set to develop new technology and platform together, as well as share not only them but also parts and systems including ones 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 that 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.By Hyung-Kyu Kimkhk@hankyung.comJongwoo Cheon edited this article.
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