The Iveco Group has been granted a 500 million euro loan from the European Investment Bank to allow the Italian truck and bus maker to invest in the electrification of its products and to work toward solutions for autonomous driving. Most of the investment will go to Iveco’s Turin and Foggia plants.
This is not the first time the European Investment Bank has granted a large loan to a private company to further the transport sector’s push toward electrification. Infrastructure company ABB was granted a similar loan just last week, while the Belgian Punch group got a smaller loan of 40 million euros in January.
Mostly for powertrains and e-buses
Iveco has already received the first tranche of 450 million euros, with the rest to follow soon. The Italian manufacturer plans to use the money by the end of 2025 for its Turin and Foggia plants, where it builds ePowertrains and zero-emission buses. A smaller portion will be allocated to its activities in Germany, France, Spain, the Czech Republic, and Switzerland.
The goal of the loan is to enable the development of new technologies for electric propulsion and autonomous driving, digitalization, and vehicle connectivity. Both battery-electric and hydrogen solutions and the reduction of production costs for these solutions are mentioned.
Electrification in all of Iveco’s activities
Iveco currently builds electric trucks and buses, with Flemish public transport company De Lijn already using several dozens of Iveco e-buses. Back in October, Iveco unveiled an E-Way H2 hydrogen bus in collaboration with Hyundai, while the Daily van is also available as an electric version.