Commercial electric trucks manufacturer Modec has entered into a joint venture with Navistar International for North and South America.
The jointly owned company is named Navistar-Modec EV Alliance, LLC after Navistar purchased an equity stake in Modec’s parent company, Borwick Group Ltd.
In 2009 Navistar had $15 billion in turnover and currently employs more than 17,000 staff.
Modec founder Lord Jamie Borwick said: “We are delighted that Navistar has recognised the key advantage of combining Modec electric vehicle technology with their strong position in the US truck market.
“Navistar’s market leadership, coupled with their proven track record of clean vehicle technology, makes them a perfect strategic alliance for Modec.”