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    IVG   NL0015000LU4

IVECO GROUP N.V.

(IVG)
  Report
Real-time Estimate Cboe Europe  -  08:57 2022-12-05 am EST
6.502 EUR   +0.49%
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Iveco showcases prototype of large hydrogen van developed with Hyundai

09/19/2022 | 11:24am EST

MILAN/HANOVER, Sept 19 (Reuters) - Italy's Iveco showcased on Monday a prototype of the hydrogen powered eDaily large van it has developed with Hyundai Motor, 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. It has a joint venture with U.S. group Nikola 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. (Reporting by Giulio Piovaccari and Christina Amann; Editing by Mark Potter, Christoph Steitz and Jonathan Oatis)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CNH INDUSTRIAL N.V. 1.96% 16.68 Delayed Quote.-1.59%
FPT CORPORATION 3.61% 77400 End-of-day quote.-0.13%
HYUNDAI CORPORATION -1.66% 17750 End-of-day quote.5.65%
HYUNDAI MOTOR COMPANY -1.46% 169000 End-of-day quote.-19.14%
IVECO GROUP N.V. 0.71% 6.513 Delayed Quote.0.00%
NIKOLA CORPORATION 9.62% 2.85 Delayed Quote.-71.12%
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Analyst Recommendations on IVECO GROUP N.V.
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Financials
Sales 2022 13 522 M 14 179 M 14 179 M
Net income 2022 111 M 116 M 116 M
Net Debt 2022 1 321 M 1 385 M 1 385 M
P/E ratio 2022 15,3x
Yield 2022 1,17%
Capitalization 1 755 M 1 840 M 1 840 M
EV / Sales 2022 0,23x
EV / Sales 2023 0,23x
Nbr of Employees 34 132
Free-Float 72,9%
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Technical analysis trends IVECO GROUP N.V.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 6,47 €
Average target price 8,32 €
Spread / Average Target 28,6%
EPS Revisions
Managers and Directors
Gerrit Andreas Marx Chief Executive Officer & Executive Director
Francesco Tanzi Chief Financial Officer
Suzanne Heywood Executive Chairman
Marco Liccardo Chief Technology & Digital Officer
Annalisa Stupenengo Chief Operating Officer
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