Hyundai Motor Company and Iveco Group have signed a Memorandum of Understanding to explore possible collaborations on shared vehicle technology, joint sourcing and mutual supply.

The MOU is a preliminary step in assessing the potential for the two groups to cooperate in the domains of technology and platforms, encompassing components and systems. Areas of possible mutual interest pertain to electric powertrains and platforms including fuel cell systems, vehicle automation and connectivity for commercial vehicles.

The agreement is a further step in Hyundai Motor and Iveco Group’s independent strategies to create leading innovative solutions in today’s fast-changing environment by building an ecosystem of mutually beneficial partnerships.

The signing ceremony took place at Hyundai Motor’s headquarters in Seoul, and the major participants included Jaehoon Chang, president and CEO of Hyundai Motor Company; Martin Zeilinger, executive vice president and head of commercial vehicle development tech unit of Hyundai Motor Company; Gerrit Marx, CEO of Iveco Group; and Marco Liccardo, chief technology & digital officer of Iveco Group.