Iveco and Foton Partners to Propel Electric Commercial Vehicle Technology
Italian commercial vehicle manufacturer Iveco has signed a MoU (Memorandum of Understanding) with Chinese electric vehicle major Foton Motors to explore potential collaboration in the areas of electric vehicles and components.
The Iveco and Foton partnership will focus on business opportunities in the electric commercial vehicles sector mainly in Europe and South America.
This partnership is part of the Iveco Group’s overarching electrification strategy to extend its light commercial vehicle line-up to the Gross Vehicle Weight (GVW) category that falls below the iconic DAILY range of GVW 3.5 – 7.2 tons, adding both chassis cab and panel van all-electric models under the GVW 3.5-ton threshold.
With Foton, Iveco Group will investigate the option of utilizing the Iveco sales channels for the commercialization of an electric panel van in Europe and South America in the lightest category of up to GVW 3.5 tons.
The future panel van will potentially positively impact the regional and local supply chains in Europe and South America, in addition to further supporting the growth of the Iveco point of sales and workshop network.
In March 2024, the Iveco Group also signed a supply agreement with Hyundai Motor Company for an electric GVW 2.5 – 3.5-ton chassis cab to be sold and serviced in Europe by Iveco.
Iveco Group’s collaborations with Foton and Hyundai aim to create a comprehensive line-up of electric commercial vehicle offerings weighing less than its iconic DAILY.
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On the other hand, this collaboration will also support Foton to further advance its globalization strategy.
The MoU between Iveco Group and Foton is also opening the two companies to joint exploration of additional future synergies, including the possible localization of activities in Europe and South America, to be evaluated at a later stage.
