Hyundai announced a new deal with Iveco Group to supply an all-electric van based on its global eLCV platform. The Iveco-badged electric van will be Hyundai’s first export to use its new EV platform.
Hyundai is building a new all-electric van for Iveco
Hyundai revealed the news at a signing ceremony at its headquarters in Seoul, South Korea. The deal is part of a broader partnership established in March 2022.
In July 2022, the companies announced a hydrogen-powered IVECO BUS based on Hyundai’s fuel cell system. The partners then unveiled the IVECO eDAILY Fuel Cell Electric Vehicle that September at IAA Transportation.
The new agreement deepens the partnership as Hyundai’s first export based on its new Global Electric Light Commercial Vehicle (ACV) platform.
Hyundai’s dedicated EV platform is designed for commercial vehicles weighing between 2.5 tons to 3.5 tons.
The architecture features Hyundai’s latest tech for next-gen EVs, including a low-floor design, making loading and unloading cargo easier.
Hyundai will build the chassis, while Iveco will customize the electric vans, distributing them through its network. The new Iveco-badged electric van will launch at this year’s IAA Transportation in September.
Hyundai’s EVP and head of global commercial vehicles, Ken Ramirez, said the electric van will expand its partnership “by leveraging our new, all-electric light commercial vehicle platform.”
The electric van will rival Ford’s E-Transit and Stellantis’ commercial EV vans in Europe. Luca Sra, president of Iveco’s truck business, said the new electric van is “particularly exciting ” for Europe, where urban delivery and distribution are “critical missions.”
Coming off a record EV sales year, Hyundai looks to maintain its momentum in 2024. Hyundai sold 269,000 units of its dedicated IONIQ 5 and IONIQ 6 EVs last year.
The automaker aims to sell around 300,000 EVs this year, or about 12% YOY growth. Hyundai said investment plans this year include bolstering the number of mass-produced models and building its new EV and battery plant in Georgia.
Hyundai Motor (including Kia) topped Ford and GM in EV sales last year despite not qualifying for the EV tax credit (only through leasing).
Once up and running, which is expected next year, Hyundai’s EVs will qualify. This will likely help boost demand in Hyundai’s biggest market.
Hyundai’s luxury brand, Genesis, is also seeing EV sales pick up in the US after nearly quadrupling last year.
Hyundai aims to be a top three EV maker by 2030 with 18 new electric models and two million in sales. The move into all-electric commercial vehicles will help Hyundai expand as the commercial segment goes electric.