WARRENVILLE, Ill., -- Navistar International Corporation (NYSE: NAV) and one of its wholly owned affiliates has signed a joint venture agreement with Modec Limited of the United Kingdom to create the Navistar-Modec EV Alliance, LLC. The joint venture will produce Class 2c-3 all-electric commercial trucks for sale in North, Central and South America.
The trucks are designed and purpose-built to be electrically driven. Intended for urban applications involving heavy stop-and-go driving, they are aerodynamically styled with a two-ton plus carrying capacity, rely solely on plug-in power, and are projected to have a range of up to 100 miles per charge. They produce zero tailpipe emissions and are the latest in a series of advanced, clean technology vehicles that have become part of Navistar's portfolio.
In August, President Obama announced that Navistar would receive a federal grant of $39.2 million in government stimulus funding from the Department of Energy to develop and build all-electric trucks. These trucks will be produced in Elkhart County, Ind. Navistar intends to produce 400 electric vehicles in 2010, and expects to be producing several thousand annually within two years. As volumes grow, Navistar anticipates the creation of up to 700 new jobs, including suppliers and employees.
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"The commercial market is ready for electric vehicle technology to advance," said Dee Kapur, president, Navistar Truck Group. "This vehicle is road ready for fleets to implement as a practical solution for many applications. It has an excellent, eye-catching design that says, 'this is something different, the future is now.' We see this as an ideal vehicle for the U.S. urban markets. We already have interested customers, including some of the most respected names in the industry."
"We are very pleased to partner with Navistar in this new venture," said Bill Gillespie, Modec chief executive officer. "Navistar's commercial truck market leadership, coupled with their proven track record of clean vehicle technology, makes them the perfect partner."
Navistar International Corporation (NYSE: NAV) is a holding company whose wholly owned subsidiaries and affiliates produce International(R) brand commercial and military trucks, MaxxForce(R) brand diesel engines, IC Bus(TM) brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse(R) 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 parts and service. Another affiliate offers financing services. Additional information is available at.
Modec was founded in 2004 by a team of automotive engineering experts lead by Lord Borwick; its vehicles were launched in 2007. Heralded as the future of urban commercial transport, the Modec is the first purpose designed and built vehicle of its kind. Quiet, efficient and stylish, it harnesses the power of world leading battery technology and revolutionary LEAN manufacturing techniques to deliver a range of commercial vehicles that are perfect for use in city environments.
Modec is expanding rapidly. Modec dealers are now established in France, Netherlands, Spain, Germany, and Ireland. This growth is set to not only transform the commercial vehicle sector, but the whole automotive industry.
SOURCE: Navistar International Corporation
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