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.”






About the Author

Joanna is a writer and consultant specializing in renewable energy and sustainable agriculture issues.

  • Mike

    Your article’s title has misprinted the amount from 39 Million to 39 Billion.

  • Mike

    Your article’s title has misprinted the amount from 39 Million to 39 Billion.

  • Mike

    Your article’s title has misprinted the amount from 39 Million to 39 Billion.

  • Brad

    Typo in the title: $39 Million – not Billion!

  • Brad

    Typo in the title: $39 Million – not Billion!

  • Brad

    Typo in the title: $39 Million – not Billion!

  • russ

    What is a lousy 38.61 billion anyway? Chump change!

    Excellent reporting! I looked at the Navistar site to be sure myself.

  • russ

    What is a lousy 38.61 billion anyway? Chump change!

    Excellent reporting! I looked at the Navistar site to be sure myself.

  • russ

    Correction – my own poor math – that would be 38.961 billion off!

  • russ

    Correction – my own poor math – that would be 38.961 billion off!

  • Oops. I guess my math is as bad as the governments! Thanks for the catch and it’s now fixed.

  • Oops. I guess my math is as bad as the governments! Thanks for the catch and it’s now fixed.

  • Back to school Joanna. 🙂

  • Back to school Joanna. 🙂

  • Back to school Joanna. 🙂

  • Back to school Joanna. 🙂

  • Frank

    Joanna:

    Regarding accuracy of reporting–Navistar was awarded the grant, not Modec. The JV is mutually exclusive of the grant (although the grant will positively impact the JV).

  • Frank

    Joanna:

    Regarding accuracy of reporting–Navistar was awarded the grant, not Modec. The JV is mutually exclusive of the grant (although the grant will positively impact the JV).