In a groundbreaking development, Hyundai Motor Company and Iveco Group (EXM: IVG) have officially inked a supply agreement for an all-new, all-electric light commercial vehicle (eLCV) tailored for the European market. The collaboration, unveiled at a signing ceremony held at Hyundai Motor Company’s headquarters in Seoul, South Korea, marks a pivotal moment in the ongoing partnership between the two automotive giants.
Building on their successful joint ventures in hydrogen-powered commercial vehicles initiated in March 2022, Hyundai and Iveco are now expanding their portfolio to include an IVECO-badged all-electric light commercial vehicle. This vehicle, based on Hyundai’s cutting-edge Global eLCV platform, is set to join Iveco Group’s electric light commercial vehicle lineup, complementing the renowned IVECO Daily.
The ceremony saw the presence of key executives, including 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.
The new all-electric vehicle is a manifestation of the shared commitment of Hyundai and Iveco to propel the shift towards carbon-neutral mobility and transport. This strategic move signifies not only an extension of their existing partnership but also a commitment to broadening the scope of eco-friendly offerings.
The IVECO-badged vehicle is set to become the inaugural export model utilizing Hyundai’s Global all-electric Light Commercial Vehicle (eLCV) platform. Tailored for commercial vehicles in the GVW range of 2.5 to 3.5 tons, this platform integrates Hyundai’s latest battery electric vehicle (BEV) technology. The platform boasts a low-floor design that enhances cargo loading and carrying, aligning with the evolving requirements of the emerging market for electrified Purpose Built Vehicles.
Under the terms of the partnership, Hyundai will manufacture and supply the IVECO-badged chassis cab exclusively for the European market. Iveco Group will then take charge of local customization and distribution, leveraging its established sales channels. The new product, based on Hyundai’s Global eLCV platform, is scheduled for an official launch at the IAA Transportation 2024, slated to take place from September 16 to 22 in Hannover, Germany.
Luca Sra, President, Truck Business Unit, Iveco Group, expressed his enthusiasm, stating, “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, where urban and suburban distribution and delivery are crucial missions for logistics operators. We are confident that this agreement will not only strengthen our product offering but will also deepen our relationship with Hyundai, paving the way for continued collaborative projects that advance a more sustainable society.”
Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle & Hydrogen Business at Hyundai Motor Company, echoed these sentiments, saying, “We are delighted to further expand our partnership’s product portfolio by leveraging our new, all-electric light commercial vehicle platform. We believe our Global eLCV platform, coupled with Iveco Group’s expertise in the European market, will be a transformative force in the LCV market, contributing to the acceleration of a carbon-neutral future in Europe.”
