Iveco and Foton to explore EV and EV component cooperations
Iveco Group, which specializes in commercial and speciality vehicles and deals in industrial and alternative powertrains, wants to add chassis cab and panel van pure electric with a Gross Vehicle Weight (GVW) of 3.5 tonnes or lower to its portfolio. The Italian conglomerate aims to extend its LCV range to the GVW category that falls below the Daily range of GVW 3.5-7.2 tonnes. Its intention to cooperate with Foton is part of this comprehensive electrification strategy.
Foton, owned by China’s BAIC Group, is also committed to pushing eco-friendly technologies such as battery electric, hydrogen fuel cell electric, and hybrid electric in the commercial vehicle space. Its partnership with Iveco Group will lead to a joint exploration of the commercialisation of an electric panel van for South American and European countries.
Iveco Group and Foton will look into the possibility of selling an electric panel van in the lightest category of up to GVW 3.5 tonnes through the former’s core, commercial vehicle brand Iveco’s sales network in South American and European markets. The future electric panel van should improve the supply chains in these countries. Moreover, this zero-emission commercial vehicle would support the growth of Iveco’s network of sales outlets and workshops.
The current agreement between Iveco Group and Foton isn’t an extensive one, but it may open the doors for several new opportunities in the future. As an example, the companies mention the potential localisation of activities in Europe and South America. Additionally, Iveco Group’s FPT Industrial brand could supply Foton powertrain or other components. They will discuss the future synergies at a later stage.
The memorandum of understanding with Foton is not Iveco’s only foray into the under 3.5-tonne segment: Earlier this year, the Iveco Group also signed a supply agreement with Hyundai for an electric cab with a gross vehicle weight of 2.5 to 3.5 tonnes, to be sold and serviced by Iveco in Europe. The Iveco Group’s partnerships with Foton and Hyundai are aimed at creating a comprehensive range of electric commercial vehicles that weigh less than the classic Iveco Daily.
Foton has remained China’s no.1 CV exporter for 13 years consecutively, and its products are available in 130 countries. The company’s new energy vehicles particularly are available in 45 export markets.
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