At the moment it is a memorandum of understanding in the area of commercial vehicle technology, but it could develop into something more.
Iveco Group and Hyundai Motor Company have signed a memorandum of understanding to explore possible collaborations that will also cover thesupplying joint and reciprocal supplies, says a statement from the company.
Such an agreement could pave the way towards an assessment of the potential for the two groups to cooperate in the fields of tech and platforms, Including components e systems. Among the areas of possible mutual interest are propulsions e electric platforms, including systems a fuel cells, automation of vehicles and the connectivityà for commercial vehicles.
“This agreement is a further step in the respective strategies of Iveco Group and Hyundai Motor Company to create innovative solutions that are leaders in today's fast-changing environment, by building an ecosystem of mutually beneficial partnerships,” the statement continued.
The signing took place on March 4 at Hyundai Motor Company and was attended by among others Gerrit Marx, CEO of Iveco Group, Marco Liccardo, Chief Technology & Digital Officer of Iveco Group, Jaehoon Chang, President and CEO of Hyundai Motor Company, e Martin Zeilinger, Executive Vice President and Head of Commercial Vehicle Development Tech Unit of Hyundai Motor Company.
Iveco Group 2021 revenues up 22%
Iveco Group closed last year with consolidated revenues equal to 12,65 billion euros, an increase of 22% compared to the 10,41 billion euros obtained the previous year, on the basis of the strong increase in revenues from industrial activities (+21%), mainly due to higher volumes and better prices.
Il adjusted operating result of industrial activities amounted to 302 million euros, with a margin of 2,4%, while the final result (excluding minority interests) was positive for 52 million euros, from the loss of 408 million recorded in 2020. The adjusted final result was positive for 140 million euro, equal to 0,43 euro per share.
At the end of 2021 the net liquidity of the industrial activities of the Iveco Group amounted to 1,06 billion euro, from 1,17 billion at the beginning of the year. At the same date, total net debt was 1,31 billion euro, compared to 1,12 billion at the beginning of the year. At the same date, available liquidity amounted to €1,44 billion. Free cash flow from Industrial Activities in 2021 was a negative €125 million, due to working capital impacted by higher inventories due to supply chain disruption.
