Fiat truck-making unit Iveco and Indian truck maker Tata Motors have announced the signing of a memorandum of understanding (MoU) “to analyse the feasibility of cooperation, across markets, in the commercial vehicle sector”.
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The MoU encompasses a number of potential developments in engineering, manufacturing, sourcing and distribution of products, aggregates and components, the two firms said in a statement.
This will see Iveco and Tata Motors set up a joint steering committee to determine the viability of cooperation, both in the short and long term, with the intention being for both companies to enter into an alliance in the coming months.
Iveco CEO Paolo Monferino said: “The possible strategic cooperative agreement with Tata Motors represents a new step in our strategy, leveraging on excellent partnerships established by the Fiat Group across the automotive sector. We are devoting great efforts and resources to explore this opportunity, as part of our plan to further develop the Iveco brand over the coming years.”
Tata Motors managing director Ravi Kant added: “We are truly excited about the potential this cooperation offers, complementing each other’s strengths in products and across markets.”
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