Hyundai partners with Iveco to increase competitiveness in global transport vehicle market

By Park Sae-jin Posted : March 7, 2022, 17:57 Updated : March 7, 2022, 17:57

[Courtesy of Hyundai Motor]

SEOUL -- Targeting the global transport vehicle market estimated to reach $990 billion by 2028, South Korea's carmaker Hyundai Motor has forged a partnership with Iveco Group, an Italian transport vehicle-maker.
Hyundai, well known for its affordable and good-quality private passenger vehicles, is also one of the world's biggest commercial vehicle makers. Hyundai Motor and its subsidiary, Kia Motors, sold a record high of 1.49 million units in the United States in 2021, up 21.6 percent from a year ago. It was the first time for the world's fifth-largest carmaker to beat Honda in the U.S. since Hyundai set its foot on American soil 35 years ago.
Backed by its growth in the U.S. market, the South Korean carmaker now seeks to set a firm foothold in the world's rapidly growing market for clean energy-based commercial vehicles. In July 2021, Hyundai gained support from funding agencies based in California and other local communities to demonstrate "Class 8 XCIENT Fuel Cell" with a maximum driving range of about 800 kilometers (497 miles). Meanwhile, the company strived to establish hydrogen fuel cell value chains with local partners by introducing diverse hydrogen fuel cell commercial vehicles.
Hyundai said in a statement that the company signed a memorandum of understanding with Iveco Group to work together to share vehicle technology, jointly source materials and set up a mutual supply line. "We will maintain our leading position in the rapidly-changing global commercial vehicle market by creating innovative solutions," an unnamed Hyundai official was quoted as saying. 
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