Iveco, Foton To Explore EV And Component Synergies

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Iveco Group and Foton will explore using Iveco’s sales networks to distribute an electric panel van in the lightest category, with a gross vehicle weight of up to 3.5 tons, across Europe and South America.

Iveco, a brand within the Iveco Group known for designing, manufacturing, and selling commercial vehicles across multiple categories, and Foton, a top commercial vehicle maker in China under the BAIC Group, signed a Memorandum of Understanding (MoU) on June 6. This agreement outlines their intent to explore collaborations in electric vehicles and components, and potential joint ventures in Europe and South America.

This initiative aligns with Iveco Group’s strategy to broaden its electric light commercial vehicle offerings to include Gross Vehicle Weight (GVG) categories below the Iveco Daily range of 3.5 – 7.2 tons. The partnership aims to introduce all-electric chassis cab and panel van models below the 3.5-ton GVW limit.

As part of this collaboration, Iveco Group will consider leveraging its sales channels to market an electric panel van in the lightest category (up to GVW 3.5 tons) in Europe and South America. This upcoming model could significantly benefit the regional and local supply chains and enhance Iveco’s sales and service network. Earlier in the year, Iveco Group also entered into a supply agreement with Hyundai Motor Company for an electric chassis cab in the 2.5 – 3.5-ton range, which will be sold and serviced in Europe through Iveco. These partnerships with both Foton and Hyundai are set to expand Iveco’s portfolio of lighter electric commercial vehicles.

Additionally, the MoU paves the way for further collaborative exploration between Iveco Group and Foton, which could include the localization of operations in Europe and South America and discussions on powertrain solutions through Iveco Group’s brand, FPT Industrial.

This non-binding MoU supports both Iveco Group’s and Foton’s strategic goals to enhance their competitiveness and develop leading-edge solutions in new energy transportation, fostering an ecosystem of beneficial partnerships.

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