BEIJING, June 5, 2024 -- On June 4, 2024, FOTON and Iveco Group signed a Memorandum of Understanding (MOU) in Beijing China to explore cooperation in the field of electric vehicles and components, aiming to jointly expand into European and South American markets. The signing ceremony was witnessed by FOTON Chairman Chang Rui and IVECO Group CEO Gerrit Marx.

Jointly Exploring New Development

As a leading commercial vehicle manufacturer in China, FOTON is committed to driving innovation and development in the automotive industry. This partnership will see two parties jointly explore the commercialisation of an electric panel van for Europe and South America, in the lightest category of up to GVW 3.5 tons through IVECO's sales channels. The van is expected to have a positive impact on regional and local supply chains in these markets.

IVECO, the commercial vehicle brand of Iveco Group, is specialized in the design, manufacture and sale of heavy, medium and light trucks. Promoting the electrification of light commercial vehicles and increasing the range of electric range with a GVW of up to 3.5 tons is an important strategy for Iveco Group, and the collaboration with FOTON will ensure the availability of a panel van model within this range.

The signing of MOU also opens the door for further collaborative discussions between both parties. This includes the possible localisation of activities in Europe and South America, to be evaluated at a later stage. Supply opportunities between Iveco Group and Foton, including through Iveco Group's powertrain brand FPT Industrial, will also be discussed.

Embarking on a New Journey of International Cooperation

For years, FOTON has adhered to globalization and new energy strategy, focusing on developing low-carbon and zero-carbon green technologies and industrial system. Since 2004, FOTON has exported 926k vehicles cumulatively, ranking first in China's commercial vehicle export for 13 consecutive years, with products sold in 130 countries. FOTON has independently developed and mastered core EV technologies, and has developed multiple new energy vehicle technical solutions, including BEV, hybrid, and hydrogen fuel cell, covering full range of commercial vehicle products. Foton's NEV products have been exported to 45 countries and regions, not only accelerating green transformation of global logistics, but also providing overseas consumers with more green and environmentally friendly transport solutions.

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