Italian truck, bus and engine maker Iveco group said on Monday it had signed a preliminary deal with South Korea's Hyundai Motor Company to explore collaboration on shared vehicle technology, joint sourcing and mutual supply.
The two companies signed a memorandum of understanding (MoU), which marks a preliminary step in assessing potential cooperations in technology and platforms, encompassing components and systems, Iveco said in a statement.
"The areas of possible mutual interest are electric powertrains and platforms such as fuel-cell systems, vehicle automation and connectivity for commercial vehicles," the company said without providing details.
Analysts have often seen Iveco as a potential M&A target, given its smaller size compared to European rivals like Volkswagen's Traton, Daimler Truck or Volvo Group.
The agreement with Hyundai is in line with the two group's "independent strategies", Iveco said.
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A potential cooperation with Hyundai will not affect Iveco's partnership with U.S. company Nikola on electric and hydrogen heavy trucks, a spokesman for the Italian company said.
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