Expanding on an earlier partnership agreement, Iveco Group (IVG.MI) and Hyundai Motor (005380.KS) announced on Thursday that the South Korean group would supply the Italian truck and bus manufacturer with a fully electric light commercial vehicle.
Hyundai Motor is already assisting Iveco in the development of its hydrogen fuel cell eDAILY FCEV van and E-WAY FCEV city bus as part of a partnership that began in 2022.
Hyundai will produce a mid-sized Iveco-badged electric van weighing between 2.5 and 3.5 tons based on its Global eLCV platform as part of the new agreement, for which no financial specifics were disclosed, the two firms said in a joint statement.
Iveco will locally personalize and distribute the new car exclusively through its sales channels, while Hyundai will produce and provide the chassis cab for the European market. They said September is when the rollout is anticipated to occur.
With the help of the new van, Iveco will be able to reach a market that is already served by rivals like Stellantis (STLAM.MI), Ford (F.N), and Renault (RENA.PA), by broadening its product range, which is currently focused on heavier vehicles.
Currently available in a fully electric version, Iveco’s lighter product is the Daily big van, which weighs more than 3.5 tons.
The new all-electric car will benefit the European market, where logistics operators depend heavily on urban and suburban distribution and delivery, according to Luca Sra, president of Iveco’s truck business unit.
“(Pave) the way for continued collaborative projects” between the two companies, he said in the statement.
