FPT Industrial, the global powertrain brand of CNH Industrial (NYSE:CNHI / MI:CNHI), has announced that it has signed a Memorandum of Understanding with Microvast, aimed at industrial and commercial cooperation to enable FPT Industrial to design and assemble battery packs in house, at its facility in Turin, Italy. These would be offered on CNH Industrial vehicles and to third party customers.
“FPT Industrial is a recognized leader in alternative propulsion systems and this agreement further prepares us for the challenges facing our industry,” said Hubertus Mühlhäuser, chief executive officer, CNH Industrial. “In a fast evolving sector, CNH Industrial is committed to entering into targeted partnerships to deliver advanced alternatives to traditional fuels, thus accelerating our journey to a sustainable tomorrow.”
Furthermore, as part of this cooperation, FPT Industrial will design and engineer a new e-platform to develop and industrialize complete electrified powertrain systems, customized and sized for specific missions, with the aim of guaranteeing the most efficient performance both for on-road and off-road applications.
Conclusion of negotiations for the definitive agreements is expected by the first quarter of 2020.
Microvast, based in Houston, Texas, designs, develops and manufactures ultra-fast charging, long life battery power systems with superior safety for electric vehicles.