Ford Trucks and IVECO sign Memorandum of Understanding to examine potential synergies

By MEq March 15, 2024 17:21

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Ford Trucks
Iveco
MoU (Memorandum of Understanding)

Ford Trucks, the heavy commercial brand of Ford Otosan, and IVECO, the brand of Iveco Group N.V. (EXM: IVG) that designs, manufactures and markets light, medium and heavy commercial vehicles, have signed a non-binding Memorandum of Understanding (MoU) to explore a potential collaboration on development of a new cabin for heavy-duty commercial vehicles.

Present during the signing were Gerrit Marx, CEO of Iveco Group; Luca Sra, President of the Truck Business Unit at Iveco Group; Haydar Yenigün, President of Koç Holding Automotive Group; Güven Özyurt, General Manager of Ford Otosan and Emrah Duman, Vice President of Ford Trucks.

The non-binding MoU is a preliminary step in assessing the potential for the two companies to cooperate in the co-development of new products and technologies, encompassing components and systems within the cabin.

This agreement has the aim of enhancing competitiveness and improving solutions in compliance with the EU Direct Vision Standard and improving aerodynamics for CO2 reduction through the development of a mutually beneficial partnership between Ford Trucks and IVECO.

Ford Otosan was founded in 1959, Ford Otosan (Ford Otomotiv Sanayi A.Ş.) is a publicly traded company, where Ford Motor Company and Koç Holdings hold equal shares. The company is the second-largest industrial organization in Türkiye, and the most valuable automotive company in Borsa İstanbul.

Ford Otosan, operating in 4 main centers with its Kocaeli and Eskişehir Plants and R&D Center in Türkiye as well as Craiova Plant in Romania, employs more than 20,000 people. Ford Otosan is the largest commercial vehicle manufacturer of Ford in Europe capable of designing, developing, and testing a complete vehicle, including its engine, from scratch to a finished product.