In a sign of Iveco’s ambitions, the truck maker on Wednesday signed a memorandum of understanding under which it and partner Nikola will test and deliver 25 vehicles to the port of Hamburg, one of Europe’s largest.
see photosIveco and Nikola also confirmed plans to launch hydrogen fuel cell trucks in late 2023
Iveco, the truck and bus business of Italian-American CNH Industrial, is moving forward with plans for a spin-off aimed at expanding electric vehicle production, its CEO-designate Gerrit Marx told Reuters on Wednesday.
Marx was speaking at the opening of a production facility in Ulm, Germany, where Iveco, the latecomer to electric trucks, and Nikola will jointly make the vehicle, starting with the Nikola Tre from the end of the year.
“We are electrifying across the board. We are not far behind,” Marx, currently head of CNH’s commercial and special vehicles unit, told Reuters. “If you had asked me that question in January 2019 I would have reluctantly agreed with you but not anymore”.
The agreement predicts delivery of the Nikola Tre—which is based on an Iveco platform—in full 2022.
Marx reiterated that the process of separating truck, bus and FPT engine units from CNH Industrial, which will focus on its agricultural and construction equipment businesses, will end early next year.
“We target the earliest possible day. Regulatory steps set the pace,” he said.
The new company will be named Iveco Group and will be listed on the Milan Stock Exchange with the aim of catching up with competitors such as Renault and Volvo.
Daimler, the world’s largest truck maker, is gearing up production of its first electric mid-size truck, the E-Actos, in the fourth quarter.
Iveco and Nikola have confirmed plans to launch hydrogen fuel cell trucks in late 2023, in a deep push into alternative fuels for the commercial vehicle industry.
CNH Industrial is controlled by Axor, the holding company of the Agnelli family of Italy, which will be Iveco’s largest investor after splitting from CNH.
In a sign of Iveco’s ambitions, the truck maker on Wednesday signed a memorandum of understanding under which it and partner Nikola will test and deliver 25 vehicles to the port of Hamburg, one of Europe’s largest.
Daimler is gearing up production of its first electric mid-size truck, the E-Atros, in the fourth quarter.
The agreement predicts delivery of the Nikola Tre – which is based on an Iveco platform – throughout 2022.
“Historic agreements like these continue to reinforce the global shift we are seeing toward a new zero-emissions future,” said Nikola CEO Mark Russell.
The car and truck industry is undergoing major corporate changes as it adapts to low carbon emissions.
China’s Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, which is set to be one of Europe’s biggest initial public offerings (IPOs) this year. are supposed to.
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Sources said Volvo Cars is targeting a valuation of around $20 billion in the Stockholm listing.
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