Turin -- FPT Industrial, the global powertrain brand of Iveco Group (MI: IVG), and Blue Energy Motors, a zero-emission truck technology company headquartered in Pune, India engaged in the manufacturing of clean energy trucks, have signed an agreement to introduce the first Liquified Natural Gas (LNG) trucks powered by FPT 6.7-liter engines on Indian roads by the end of 2022.
This agreement is the first step in a potential long-term partnership to leverage the specific characteristics of India's commercial transport market: a total truck running parc of about 3.5 million vehicles and buying decisions strongly driven by Total Cost of Ownership (TCO). Once the TCO parity threshold with traditional engines is reached, and considering India's increasingly stringent emissions standards (now comparable to Euro VI), the adoption of LNG technology is expected to be rapid.
The engines will initially be manufactured in FPT Industrial's Turin, Italy plant, which specialises in producing this type of medium-displacement engines and employs more than 2,600 people.
"We are pleased and proud that Blue Energy Motors has chosen us for this major evolution in Indian commercial transport", commented Sylvain Blaise, President, Powertrain Business Unit, Iveco Group. "This agreement is of the utmost importance for FPT Industrial, now and in the future, as we want our leading technologies to play a key role to support the ecological transition of one of the world's largest vehicle markets."
The announcement comes on the eve of the opening of "BEYOND - Iveco Group Days", the international event organised by Iveco Group to be held in Turin from 13th to 17th July and featuring an outstanding panel of speakers who will discuss the most important trends impacting the transport industry. The whole event will be visible on live streaming at www.ivecogroup.com.
Iveco Group N.V. (MI: IVG) is a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain, and related Financial Services arenas. Each of its eight brands is a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly-specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs approximately 34,000 people around the world and has 28 manufacturing plants and 29 R&D centres. Further information is available on the Company's website www.ivecogroup.com
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E-mail: mediarelations@ivecogroup.com
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