EIB Provides €450 Million Loan to Iveco Group for Electric Mobility and Innovation

EIB Provides €450 Million Loan to Iveco Group for Electric Mobility and Innovation

(IN BRIEF) The European Investment Bank (EIB) has approved a €450 million loan to Iveco Group, a global automotive leader, as part of a larger €500 million financing initiative. This funding aims to support the development of innovative technologies in electric propulsion, enhance efficiency, safety, and connectivity in vehicles, and promote autonomous driving solutions. The investment will help reduce production and operating costs, making electric and fuel cell vehicles more accessible to a broader market. The resources will be allocated to Iveco Group’s facilities in Italy and several other European countries, with a focus on sustainable mobility and decarbonization of the transport sector.

(PRESS RELEASE) LUXEMBOURG, 28-Nov-2023 — /EuropaWire/ — Contributing to the electrification, efficiency and safety of the transport sector through investments in Research, Development and Innovation: these are the main objectives of the financing granted by the European Investment Bank (EIB) to Iveco Group (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas.

In detail, the loan of 450 million euros signed in Turin represents the first tranche of the 500 million total approved by the Board of Directors of the EIB. The loan, with an 8-year amortisation profile, will be drawn in full shortly. The resources made available by EIB will enable Iveco Group to develop innovative technologies and architectures in the field of electric propulsion. The Iveco Group will also increase efficiency, safety, driving comfort and productivity by further developing solutions for autonomous driving, digitalisation and vehicle connectivity. 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 investments will be made by the end of 2025, mainly in Italy  ̶  specifically in the Iveco Group Turin and Foggia plants  ̶  but also in Germany, France, Spain, Czech Republic and Switzerland.

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.”

Marco Liccardo, Chief Technology & Digital Officer, Iveco Group, commented: “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. 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.”

Background information

About European Investment Bank 

The European Investment Bank (EIB) finances projects in four priority sectors: infrastructure, innovation, climate and environment, small and medium-sized enterprises (SMEs). Between 2019 and 2022 the EIB Group provided financing for projects in Italy for 45 billion euros.

Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs more than 35,000 people around the world and has 20 industrial sites and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com

Media Contact:

Lorenzo Squintani

Press Office

+352 4379 – 21000

SOURCE: European Investment Bank


Follow EuropaWire on Google News

Comments are closed.