MILAN, Nov 30 (Class Editori) — Piaggio Group CEO Roberto Colaninno’s activity in Asian markets has achieved yet another result. Just days after inaugurating a new plant in Jakarta to serve the huge Indonesian market, Colaninno announced that Piaggio and Foton Motor Group, on of the largest commercial car manufacturers in China, have consolidated their partnership, started in 2017, by focusing on electric vehicles.
Colaninno and the Chinese Group’s Deputy General Manager Wang Shuhai signed a preliminary agreement in Mantua to develop a new range of four-wheeled light commercial electric vehicles.
In the upcoming months, a team composed of representatives from Piaggio and the Chinese company specializing in the construction of light and heavy commercial vehicles, buses, off-road vehicles, and pickup trucks will work to elaborate and validate a production and commercial plan, as well as to define the contractual documentation with the goal, if successful, of finalizing the technical documentation of the project and the related contracts by spring 2023.
The announcement follows a particularly bright period for the IMMSI Group, the holding company to which Piaggio belongs and which accounts for more than 95% of turnover. In the first nine months of the year, IMMSI reported revenues of more than 1.6 billion euros, up 22%, with EBITA at 230 million euros, up 23%, and record profit at 53 million euros, up 63%. Vietnam, Indonesia and China account for nearly one-third of Piaggio's revenues and ensure the highest growth rates, while in India Piaggio is the market leader in three-wheeled vehicles.
The Foton Group has strong ties in both Italy and Germany, with Daimler working since 2008 in the production of heavy trucks. Comau, Stellantis Group's industrial engineering company, recently built a 100% automated plant for Foton to produce a truck with cutting-edge technology.
(Source:Class Editori)
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