FOTON and IVECO partner to expand electric vehicle market globally
In a strategic move to advance the electric vehicle (EV) market, FOTON and Iveco Group have signed a Memorandum of Understanding (MOU) to explore cooperation in developing and commercialising EVs and components. The agreement, signed on June 4, 2024, in Beijing, China, aims to expand both companies’ reach into European and South American markets.
The signing ceremony was attended by FOTON Chairman Chang Rui and IVECO Group CEO Gerrit Marx, highlighting the significance of this partnership for both companies.
Driving innovation and market expansion
As one of the largest commercial vehicle manufacturers in China, FOTON is dedicated to innovation and growth in the automotive sector. IVECO, the commercial vehicle brand of Iveco Group based in Turin, Italy, specialises in the design, manufacture, and sale of heavy, medium, and light trucks.
The partnership will focus on the commercialisation of an electric panel van for Europe and South America, targeting the light commercial vehicle segment with a gross vehicle weight (GVW) of up to 3.5 tons. This collaboration is expected to positively impact regional and local supply chains in these markets.
IVECO is committed to the electrification of light commercial vehicles and expanding its electric vehicle range up to 3.5 tons GVW. Partnering with FOTON will ensure the availability of a panel van model within this range.
The MOU also paves the way for further discussions on potential local production activities in Europe and South America. Additionally, the agreement includes exploring supply opportunities between Iveco Group and FOTON, potentially involving Iveco Group’s powertrain brand, FPT Industrial.
A commitment to global green technology
FOTON has long been committed to globalisation and new energy strategies, focusing on developing low-carbon and zero-carbon technologies. Since 2004, FOTON has exported 926,000 vehicles, leading China’s commercial vehicle export market for 13 consecutive years. With products sold in 130 countries, FOTON has developed a range of new energy vehicle technologies, including battery electric vehicles (BEV), hybrids, and hydrogen fuel cells.
FOTON’s new energy vehicles are already present in 45 countries and regions, accelerating the green transformation of global logistics and offering environmentally friendly transportation solutions.
This partnership with IVECO marks a significant step in FOTON’s journey to promote sustainable mobility and innovation on a global scale.
