Modec, the British manufacturer of world leading electric commercial vehicles, and Navistar International Corporation (NYSE: NAV), the U.S.-based nearly $15bn truck manufacturer, are finalising a ground breaking Joint Venture.
United States President Barack Obama announced today a significant grant to stimulate electric vehicle manufacturing in the US.
This broad took place at the Navistar premises in Elkhart County, Indiana. Navistar was awarded a grant of $39m, which will be used to accelerate electric vehicle production.
The deal would see a Navistar-Modec Joint Venture produce and sell electric Class 2c-3 commercial vehicles in North, Central and South America. The zero emission all-electric delivery vehicle would primarily be used for urban-suburban pickup and deliveries, which is the ideal application for this commercial electric van.
Modec vehicles, manufactured at the Coventry-based plant, are heralded as the future of urban transport and are designed from the ground up as an electric commercial vehicle. Modec vehicles are operated by high profile companies such as; Global couriers, FedEx and UPS as well as Tesco, the UK’s largest supermarket chain.
The Joint Venture is a world first and symbolizes evolution in the automotive industry toward a zero emission future.
"The all-electric delivery vehicle is a concrete example of what business and government can do when we work together." said Daniel C. Ustian, Navistar Chairman, President, and CEO. "The future is now with this electric vehicle. In fact, we already have interested customers, including some of the most respected names in the industry."
Navistar chose to partner with Modec due to purpose-built concept and superior performance of its vehicles.
"Modec is delighted to be finalising a Joint Venture with Navistar," said Bill Gillespie, Chief Executive of Modec. "The positive impact on Modec and the electric vehicle world will be significant and this is a true sign of evolution in the automotive industry."
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com/newsroom.
Modec is one of the world’s leading electric vehicle manufacturers. The UK company was formed in 2004, commenced production in 2007 and has already expanded to seven countries. Modec boasts a phenomenal wealth of automotive and electrical expertise and produces the world’s first electrical vehicle in its class.
About the Modec vehicle
Modec is a revolutionary commercial electric vehicle, designed from the ground up for operation in urban environments. As well as zero tailpipe emissions, the distinctive appearance clearly demonstrates the vehicle is environmentally friendly. Modec vehicles are ‘future proof’ thanks to being designed around a large, removable battery pack, which means the vehicle can evolve as quickly as battery technology develops.