Iveco receives EIB loan for EV development
The investments will mainly be made in Italy until the end of 2025, primarily at the Iveco plants in Turin and Foggia, as stated in the EIB’s press release. Iveco opened the plant in Foggia, where battery and fuel cell buses, among other things, are manufactured, in April 2023. Investments will also be made at the sites in Germany, France, Spain, the Czech Republic and Switzerland.
The EIB’s Board of Directors has approved a total amount of 500 million euros. At 450 million euros, the first tranche already comprises 90 per cent of the total amount. The loan is to be disbursed “shortly” and then repaid by Iveco over eight years.
Iveco already has an electric version of its widely used Daily van on the market. The Italian company completely took over the former joint venture with Nikola Motor for heavy-duty electric trucks with batteries and fuel cells, but they have also announced their own electric trucks for Europe. Iveco Bus already has electric buses with batteries and fuel cells in its range, but the portfolio will continue to grow and costs still need to fall.
“The EIB investments will not only contribute to improving electric and fuel cell vehicles, but also to reducing production costs and operating costs of the products and services, facilitating wider penetration in the market of these new technologies for the benefit of all users,” the European Investment Bank wrote in a statement.
Gilles Badot, EIB Director for Operations in Italy, said: “Investing in projects that facilitate the development of sustainable mobility is essential to accelerate the decarbonisation of the transport sector, which is responsible for more than a quarter of the CO2 emissions in Europe. This operation with Iveco Group not only demonstrates the strong commitment of the EIB to the climate transition, but also contributes to promoting innovation and job creation in Italy and Europe.”
“This significant financing from the EIB demonstrates trust in Iveco Group’s ability to advance sustainable mobility and our ongoing efforts to reduce the carbon footprint of the transport sector,” adds Marco Liccardo, Chief Technology & Digital Officer of Iveco Group. “It will enable us to accelerate the development and deployment of innovative technologies and solutions that are key to our strategic vision and the future of transport.”