Modec Awarded $39 Million, Announces Joint Venture with Navistar
British Manufacturer of electric vehicles (EVs), Modec, has announced a joint venture with U.S. based Navistar International Corporation, a $15 billion per year truck manufacturer. The announcement comes at an ideal time as earlier this month, President Barack Obama announced the largest grant ever to develop and bring to market electric vehicles. Obama made the announcement at the Navistar premises in Elkhart County, Indiana. As part of this funding, Navistar was awarded a grant of $39 million, which will be used to accelerate EV production.
[social_buttons] “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.”
The Navistar-Modec venture will 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 are manufactured at the Coventry-based plant and many are heralding them as the ‘future of urban transport’. They are designed from the ground up as an electric commercial vehicle, and Modec vehicles are already operated by FedEx, UPS as well as UK’s largest supermarket chain, Tesco.
The joint venture is a world first and symbolizes evolution in the automotive industry toward a zero emission future. Navistar chose to partner with Modec due to purpose-built concept and superior performance of its vehicles.
“Modec is delighted to be finalizing 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.”