Truck and bus maker Iveco Group  has announced that it has decided to exit its joint venture in Russia after considering the move for months, as a consequence of Moscow’s invasion of Ukraine, chief executive Gerrit Marx said this week. On he same day the Italian based commercial vehicle manufacturer also announced it would partner with Hyundai to develop hydrogen fuel cell buses.

Iveco has a 33 per cent stake in the Russian AMT truck assembly joint venture with a local Russian partner. Earlier this year, Marx said Iveco had started assessing whether to exit the JV and that, in the meantime, it had suspended its participation in the JV’s activities.

“The decision has been taken, we have transferred our stake to our former local partner, we’re out,” Marx said during a company presentation in Turin.

The AMT joint venture was formed in 1994 and had a plan to produce between 600-700 trucks this year.

“After years of cooperation, the transfer will take some time,” Marx said. Asked about the financial terms of the transaction, he replied “It’s not a matter of finance here”.

Iveco on the same day also made the announcement  that it would partner with Hyundai Motor’s HTWO to equip its future hydrogen-powered buses in Europe with fuel-cell systems designed by the South Korean group hydrogen mobility brand.

The two groups earlier this year signed a preliminary deal to explore collaboration on shared vehicle technology, joint sourcing and mutual supply.

Iveco did not provide financial terms of the collaboration.