Hyundai Motor to supply Italy's Iveco with new electric van
Technology
Hyundai Motor to supply Italy's Iveco with new electric van
MILAN (Reuters) - Iveco Group (IVG.MI) and Hyundai Motor (005380.KS) have struck a deal for the South Korean group to supply a fully electric light commercial vehicle to the Italian truck and bus maker, expanding an existing partnership agreement, they said on Thursday.
As part of a collaboration started in 2022, Hyundai Motor is already helping Iveco develop its hydrogen fuel cell eDAILY FCEV van and E-WAY FCEV city bus.
Under the new deal, for which no financial details were provided, Hyundai will supply a mid-sized Iveco-badged electric van weighing between 2.5-3.5 tons based on its Global eLCV platform, the two companies said in a joint statement.
Hyundai will manufacture and supply the new vehicle's chassis cab for the European market, while Iveco will locally customize it and exclusively distribute it through its sales channels. The launch is expected in September, they added.
The new van will allow Iveco to expand its offer range, which is now based on heavier vehicles, to a segment covered by competitors such as Stellantis (STLAM.MI), Ford (F.N) and Renault (RENA.PA).
Iveco's current lighter product is the Daily large van, for which it already provides a fully electric version, and whose weight exceeds 3.5 tons.
Luca Sra, president of Iveco's truck business unit, said the new all-electric vehicle would help serve the European market, where urban and suburban distribution and delivery were crucial for logistics operators.
He said in the statement the deal would "(pave) the way for continued collaborative projects" between the two companies.
