Italian truck, bus and engine maker Iveco has signed a deal with South Korea’s Hyundai to explore potential cooperation in technology and platforms, encompassing components and systems.

“The areas of possible mutual interest are electric powertrains and platforms such as fuel-cell systems, vehicle automation and connectivity for commercial vehicles,” Iveco, whose name is an acronym for Industrial Vehicles Corporation, said in a statement.

The agreement with Hyundai is in line with the two group’s “independent strategies”, Iveco said. A potential cooperation with Hyundai will not affect Iveco’s partnership with US company Nikola on electric and hydrogen heavy trucks, a spokesman for the Italian company said.

The two parties signed a Memorandum of Understanding at Hyundai head office. Major participants include Gerrit Marx, CEO of Iveco Group; Marco Liccardo, Chief Technology & Digital Officer of Iveco Group; Jaehoon Chang, President and CEO, Hyundai Motor Company; and Martin Zeilinger, Executive Vice President and Head of Commercial Vehicle Development Tech Unit of Hyundai Motor Company.