SEOUL - Hyundai Motor Company (OTC:HYMLF) and Iveco Group have signed an agreement to supply an all-electric light commercial vehicle for the European market, marking an expansion of their existing partnership. The vehicle will be based on Hyundai's Global eLCV platform and join Iveco's lineup, complementing its IVECO Daily series.
The signing ceremony, held at Hyundai's headquarters in Seoul, included top executives from both companies, indicating the significance of the partnership. The collaboration began in March 2022, focusing on hydrogen-powered commercial vehicles. This new agreement extends their commitment to eco-friendly transportation and the goal of carbon-neutral mobility.
Hyundai's Global eLCV platform is tailored for commercial vehicles ranging from 2.5 to 3.5 tons GVW, featuring a low-floor design for improved cargo handling. This platform represents Hyundai's latest technology in battery electric vehicles (BEVs) and meets the demands for electrified Purpose Built Vehicles.
Under the agreement, Hyundai will manufacture and supply the chassis cab, while Iveco Group will handle local customization and distribution through its European sales channels. The new Iveco-badged electric vehicle is set to launch at IAA Transportation 2024, scheduled for September 16-22, 2024, in Hannover, Germany.
Luca Sra of Iveco Group expressed confidence in the new product's impact on European urban and suburban distribution and delivery. Ken Ramírez of Hyundai Motor (OTC:HYMTF) Company highlighted the partnership's potential to transform the light commercial vehicle (LCV) market and advance Europe towards a carbon-neutral future.
This strategic partnership is based on a press release statement.
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