Modec announces Joint Venture with leading US Truck Maker Modec enters Joint Venture with US Truck Manufacturer, Navistar, and U.S. government announces grant to stimulate electric vehicle production. COVENTRY, UK, 05.08.09—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 broadcast 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. Press release: Modec – Navistar Joint Venture: 05.08.09 Page 1 of 3
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Modec announces Joint Venture with leading US Truck Maker
Modec enters Joint Venture with US Truck Manufacturer, Navistar, and U.S. government announces grant to stimulate electric vehicle production.
COVENTRY, UK, 05.08.09—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 broadcast 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