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CNH Industrial-Iveco joins the electric race truck with the Press of partnership

TURIN, Italy (Reuters) – CNH Industrial, the tractor, Iveco, on Monday, a member of the alternate drive, to the party when it unveiled its first electric car, which it is building in cooperation with the U.S. holding Press Motor Co.

Italian, American, and industrial vehicle maker CNH, the tractor unit Iveco will present its new full-electric and hydrogen fuel-cell and battery-vehicles in co-operation with the AMERICAN Press, at an event in Turin, Italy, on December 2, 2019. (REUTERS photo/Massimo Pinca

By name, Press P, and the truck is being built for the European market, under the deal, the two groups announced in September, CNH Industrial, a $250 million, and the interest of the Press, the $100 million in cash and $150 million for the provision of services.

“Only three months after we have logged out of the partnership, we have been able to do this in the prototype, Nikola is the founder and Chief Executive, He There said, at a dinner at Iveco’s birthplace in Turin, italy.

The truck will be produced in an all-electric, and a hydrogen fuel-cell version, which gives it a range of up to 600 miles (966 km). Deliveries to customers are expected to be in 2021, for the electric version, and in 2023 for the hydrogen one.

Hydrogen fuel cell electric vehicles (FCEV) using hydrogen energy – that is revenue of pollutant elements, to the ability to provide fuel for their electric motors.

The new truck is expected to give a boost to Iveco’s European companies, as well as the smallest of the major European, traditional, truck-makers compete with the power of a Volkswagen VOWG_p.DE), Mercedes, and Volvo Group.

On the other hand, the agreement is expected to give a Press to scale and the production capacity for its proprietary technologies.

All of the major manufacturers of electric and fuel-cell vehicles in their product line-up by 2020 or 2021.

According to Zita Zigan, an analyst at research company LMC Automotive, said these vehicles have been displayed in the past shows, however, that it takes some time before it’s ready for release onto the market.

“A partnership between the Press and the CNH Industrial-could be a game changer – may be a very real threat to the current dominant manufacturers,” she said.

The regulatory provisions in the place of public funding, is a strong driver for the development of alternative-powered trucks, and not just in the united states and Europe.

Governments have set ambitious greenhouse gas reduction targets, which will force manufacturers to move towards zero emissions in the medium-and heavy-duty commercial vehicle industry.

“In Europe, and manufacturers will be required to cut carbon-dioxide emissions from new trucks, with an average of 15% by the year 2025, and by 30% by 2030, compared with the 2019 levels,” Zigan said.

Reporting by Giulio Piovaccari; Editing by Marguerita Choy

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