Chinese industrial truck manufacturer Hangcha and France’s Manitou Group have announced plans to form a joint venture focused on lithium-ion battery production for industrial vehicles, expanding their existing partnership. The company will be based in Le Mans, France, and will operate independently, pending approval from European competition authorities.
The joint venture, which remains unnamed, aims to manufacture and sell lithium-ion batteries with a focus on global industrial customers transitioning from lead-acid technologies. Both companies plan to equip their own vehicles—such as Manitou’s upcoming ME LIFT—with the batteries produced at the site, which will be housed in an existing facility.
“This creation, undertaken with one of our long-standing partners, will allow us to accelerate the deployment of our electric industrial vehicles ranges,” said Michel Denis, President and CEO of Manitou Group. “Hangcha’s expertise in battery manufacturing significantly increases our battery production capabilities and fully integrates with our low-carbon trajectory.”
Hangcha and Manitou have previously collaborated, and the new venture is expected to deepen their strategic alignment in the electrification of industrial vehicles. The battery technology promoted by the partners promises more than 50% higher energy density, faster charging, extended lifespan, and maintenance-free operation.
“Deepening strategic cooperation with Manitou Group and jointly establishing a lithium battery joint venture marks a new phase in the partnership,” said Zhao Limin, Chairman and General Manager of Hangcha Group. “Leveraging Hangcha’s core technological and manufacturing strengths in lithium battery solutions, we will collaboratively enhance solution capability of new energy industrial vehicle power system.”
Founded in 1956, Hangcha is one of China’s largest manufacturers of industrial vehicles and reported record sales of 280,000 forklift trucks in 2024, generating $2.29 billion in revenue. Manitou aims for electric vehicles to make up 28% of its sales by 2030 under its ‘LIFT’ strategy.
