Italy/ China- Iveco Group N.V., that designs, a European commercial vehicle manufacture, Beiqi Foton Motor Co., Ltd.., a Chinese commercial vehicle manufacturer in China, have signed a Memorandum of Understanding (MoU) to explore electric vehicle joint business in Europe and South America.
Joining forces to develop electric commercial vehicles, including vans and chassis cabs under 3.5 tons. This partnership supports Iveco's electrification plans for Europe and South America, potentially using their existing sales channels. It also aligns with Foton's global expansion goals. This collaboration is one of several for Iveco, following a similar deal with Hyundai Motor Company for electric vehicles.
The MoU between Iveco Group and Foton is also opening the two companies to joint exploration of additional future synergies, including the possible localisation of activities in Europe and South America, to be evaluated at a later stage. Supply opportunities including through Iveco Group’s powertrain brand FPT Industrial, will also be discussed.
Present during the signing were a delegation from Iveco Group including Mr. Gerrit Marx, CEO; Mr. Luca Sra, President of the Truck Business Unit; Mr. Sylvain Blaise, President of the Powertrain Business Unit; Mr. Marco Liccardo, Chief Technology & Digital Officer; Ms. Angela Qu, Chief Supply Chain Officer; and Ms. Ángel Rodríguez Lagunilla, Chief Manufacturing Officer; and leadership from Foton, including Chairman Mr.Chang Rui; Executive Vice President Mr. Lu Zhenghua; Vice President Mr. Chen Qingshan; Vice President Mr. Qin Zhidong; Vice President of International Cooperation Mr. Ma Rentao; and Vice President of Power Transmission Feng Jing.
Iveco and Foton's partnership is a non-binding agreement that allows them to collaborate and independently develop new electric vehicle solutions. This will benefit both companies by increasing competitiveness and meeting the global demand for sustainable transportation.
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