Hyundai Motor and Italy's Iveco Share Commercial Vehicle Technology and Parts: "Collaboration Enhances Competitiveness"

Hyundai Motor Company President Jang Jae-hoon (from left), Martin Zeilinger Vice President of Commercial Development, Marco Ricardo Chief Technology and Digital Officer of Iveco Group, and Gerrit Marx CEO of Iveco Group are taking a commemorative photo after the memorandum of understanding signing ceremony at the Yangjae-dong headquarters on the 4th.

[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Company and the Italian commercial vehicle company Iveco Group have agreed to share electrification systems and technologies and jointly purchase parts. They joined forces to enhance competitiveness in the commercial vehicle sector.

The two companies announced on the 7th that they signed a memorandum of understanding (MOU) on the afternoon of the 4th to explore opportunities for joint technology and mutual supply. The signing ceremony was attended by Hyundai Motor President Jang Jae-hoon, Hyundai Motor Vice President in charge of Commercial Development Martin Zeilinger, Iveco Group CEO Gerrit Marx, and Iveco Group Chief Technology and Digital Officer Marco Riccardo.

Iveco Group is headquartered in Torino, Italy, and operates in 36 countries worldwide. According to the agreement, they agreed to cross-use technologies, parts, and systems including electrification systems. They will explore ways to collaborate in the commercial vehicle sector, such as jointly developing and sharing new technologies or platforms.

They also plan to find ways to improve efficiency by jointly purchasing parts and systems. Hyundai Motor stated, "This will help build a close partnership between the two companies," and added, "We will solidify our leading position with innovative solutions in the rapidly changing commercial vehicle market."

This content was produced with the assistance of AI translation services.