Memorandum

The Memorandum of Understanding (MoU) between Foton Motor Group and Iveco Group aims to establish a strategic partnership that will strengthen cooperation between the two companies in the production and development of commercial vehicles.

Key Objectives:

1. Joint product development: The parties are committed to working together on the development of new commercial vehicle models, including electric and hybrid vehicles, to meet the growing demand for sustainable transport solutions.
2. Technology exchange: The parties will share technological expertise and innovations with the aim of improving the quality and performance of their vehicles.
3. Joint market presence: Foton and Iveco will cooperate on entering new markets and strengthening their presence in existing ones, with a particular focus on Europe, Asia and Latin America.
4. Localisation of production: The establishment of joint production facilities in key regions is planned in order to reduce production costs and optimise supply chains.

As for the commitments of both parties, the agreement envisages that both partners will invest the necessary resources in research and development, production capacity and marketing activities to ensure the success of their joint projects. Both parties have therefore established clear timelines for the implementation of these projects, with regular progress reviews to ensure timely delivery. This Memorandum of Understanding provides a foundation for long-term cooperation between Foton Motor Group and Iveco Group, with the aim of achieving mutually beneficial results in the global automotive industry. Both companies have significant expertise and resources to contribute, while at the same time standing to benefit from this cooperation.