Commercial vehicle manufacturer Iveco has secured a loan of up to €500 million from the European Investment Bank (EIB) to support its investments in electric vehicles and drive systems, including fuel cell technology. The funds are earmarked to facilitate the development of electric and fuel cell drives for vehicles within the Iveco Group.
The investments, predominantly slated for Italy until the end of 2025, will be directed towards facilities in Turin and Foggia. Notably, the Foggia plant, operational since April 2023, focuses on manufacturing battery and fuel cell buses. Additional investments are planned for sites in Germany, France, Spain, the Czech Republic, and Switzerland.
The EIB’s Board of Directors has greenlit a total amount of €500 million, with the initial tranche of €450 million constituting 90% of the approved sum. The loan is set to be disbursed shortly, with Iveco committed to repaying it over an eight-year period.
Iveco, already offering an electric version of its popular Daily van, has expanded its portfolio by taking over the joint venture with Nikola Motor for heavy-duty electric trucks. The company has also announced plans to introduce its own electric trucks for the European market. In the realm of electric buses, Iveco Bus features models with both batteries and fuel cells, with continued portfolio expansion expected.
The EIB anticipates that these investments will not only enhance electric and fuel cell vehicles but also contribute to reducing production and operating costs, fostering greater market adoption of these technologies. Gilles Badot, EIB Director for Operations in Italy, emphasizes the importance of such investments in projects that promote sustainable mobility to accelerate the decarbonization of the transport sector.
Marco Liccardo, Chief Technology & Digital Officer of Iveco Group, notes the significance of the EIB financing, expressing confidence in Iveco’s ability to advance sustainable mobility and reduce the carbon footprint of the transport sector. The funds are expected to expedite the development and deployment of innovative technologies in alignment with Iveco’s strategic vision for the future of transport.
