Iveco showcases prototype of large hydrogen van developed with Hyundai

Italy’s Iveco (IVG.MI) showcased on Monday a prototype of the hydrogen powered eDaily large van it has developed with Hyundai Motor (005380.KS), the first tangible outcome of a wider partnership between the two manufacturers.

Iveco and South Korea’s Hyundai Motor in March signed a preliminary deal to explore cooperating on shared vehicle technology, joint sourcing and mutual supply.

In July, they said Iveco would equip its future hydrogen-powered buses in Europe with fuel-cell systems designed by Hyundai’s hydrogen mobility brand HTWO.

Iveco is open-minded with regard to further such cooperations, Chief Executive Gerrit Marx told Reuters at the IAA Transportation trade show in Hanover, citing the need to consolidate in light of the rapid change in the industry.

The new hydrogen powered eDaily, with a range of 350 km (217 miles) and a maximum payload of 3 tons, is fitted with Hyundai’s 90 kilowatt (kW) hydrogen fuel cell system and 140 kW e-motor, Iveco said in a statement. The vehicle’s battery pack is provided by FPT Industrial, Iveco’s powertrain unit.

Iveco, the smallest among Europe’s large truck and bus makers, pledged to develop a full range of zero-emission vehicles as it separated at the beginning of this year from its former parent company CNH Industrial (CNHI.MI). It has a joint venture with U.S. group Nikola (NKLA.O) to produce battery electric and hydrogen fuel cell heavy trucks.

The company also said on Monday it and Hyundai were assessing other collaboration options, ranging from cross-selling products in selected regions to joint developments in vehicle automation and connectivity.

Iveco added that Hyundai was also considering sourcing opportunities from FPT Industrial in the area of next generation conventional powertrains for commercial vehicles.

Marx said order books were well-filled and that it was possible to pass on higher procurement costs to clients while also remaining mindful with regard to higher energy prices as winter approaches.