Turin, Italy, 1st February 2024/Seoul, South Korea, 1st February — Hyundai Motor Company and Iveco Group (EXM: IVG) announced signing a supply agreement of an IVECO-badged all-electric light commercial vehicle for Europe, based on Hyundai’s Global eLCV platform. The new vehicle will join Iveco Group’s electric light commercial vehicle lineup, enhancing the Group’s LCV portfolio alongside the iconic IVECO Daily.
The supply agreement signing ceremony, which took place at Hyundai Motor Company’s headquarters in Seoul, South Korea, was attended by Jaehoon Chang, President and CEO of Hyundai Motor Company, Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle & Hydrogen Business at Hyundai Motor Company, Gerrit Marx, CEO of Iveco Group, and Luca Sra, President, Truck Business Unit, Iveco Group.
Hyundai Motor and Iveco Group began their partnership in March 2022. They have achieved tangible outcomes in the realm of hydrogen-powered commercial vehicles. This includes co-developing the eDAILY FCEV and introducing the E-WAY FCEV city bus. The new agreement signifies an extension of their partnership to encompass a broader array of eco-friendly lineups. It also underscores the shared commitment of both companies to accelerate the transition toward carbon-neutral mobility and transport.
The IVECO-badged vehicle will be the first export model to apply Hyundai’s new Global all-electric Light Commercial Vehicle (eLCV) platform. It is a dedicated global EV platform made for commercial vehicles ranging from GVW 2.5 tons to 3.5 tons. The innovative platform features Hyundai’s latest technology for next generation BEVs with a low-floor design that allows enhanced usability for cargo loading and carrying. Designing it to suit the emerging needs of future electrified Purpose Built Vehicles in the market.
Under the partnership, Hyundai will manufacture and supply the IVECO-badged chassis cab for the European market. Iveco Group will locally customize and distribute the complete vehicles exclusively through its sales channels. Iveco Group’s new product, based on Hyundai’s Global eLCV platform, will have its launch at this year’s IAA Transportation 2024. Furthermore, they plan to hold the event from September 16 to 22, 2024, in Hannover, Germany.
Luca Sra, President, Truck Business Unit, Iveco Group, said, “The unique partnership between Iveco Group and Hyundai Motor Company is making another significant step forward. The introduction of this new all-electric vehicle is particularly exciting for the European market. Urban and suburban distribution and delivery are crucial missions for logistics operators in this region. Confident in its potential, this agreement not only fortifies our product line but also strengthens our bond with Hyundai significantly. Moreover, this paves the way for continued collaborative projects that advance a more sustainable society.”
“We delight in expanding our partnership’s product portfolio further. Moreover, we will achieve this by leveraging our new, all-electric light commercial vehicle platform,” said Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle & Hydrogen Business at Hyundai Motor Company. “Our transformative force in the LCV market stems from the Global eLCV platform and Iveco Group’s European market expertise. Moreover, it will contribute to the acceleration of a carbon-neutral future in Europe.”
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