SEOUL– South Korea’s Hyundai Motor Co. said Monday it has signed an initial agreement with Italian carmaker IVECO Group N.V. for partnership in global commercial vehicle markets.
Hyundai and IVECO have signed a memorandum of understanding to jointly develop commercial vehicle-related technologies and platforms as well as to explore mutual vehicle supply opportunities, Hyundai said in a statement.
They will also look into the possibility of joint use of the electrification system for vehicles, existing vehicle-related technologies and components as well as joint purchase of parts, it said.
Torino-based commercial carmaker IVECO has advanced to 36 countries, and Hyundai Motor is the main affiliate of Hyundai Motor Group.
Source: Yonhap News Agency