Hannoversite

FPT Industrial, brand of CNH Industrial, dedicated to the design, production and sale
of powertrains for on and off-road vehicles, marine and power generation applications,
signed a memorandum of understanding foreseeing an industrial and commercial cooperation with Microvast, which will enable FPT Industrial to design and assemble inhouse high-voltage battery packs, to be offered on CNH Industrial vehicles and to
third-party customers.

“FPT Industrial is a recognized leader in alternative propulsion systems, and this
agreement further prepares us for the challenges facing our industry,”
said
Hubertus
Mühlhäuser, Chief Executive Officer, CNH Industrial
.
“In a fast-evolving sector,
CNH Industrial is committed to entering into targeted partnerships to deliver advanced
alternatives to traditional fuels, this accelerates our journey to a sustainable
tomorrow.”
Additionally, as part of this cooperation, FPT Industrial will start a new e-platform to
develop and industrialize complete electrified powertrain systems, customized and
sized for specific missions, with the aim to guarantee the most efficient performances
both for on-road and off-road applications.
“This collaboration sets a faster pace to our innovation journey”,
states
Annalisa
Stupenengo
,
President Powertrain
.
“We are increasingly involved with the develop-
ment of multiple power technologies and this agreement can strategically provide us
with competitive advantages for our global operations.”
Conclusion of negotiations for the definitive agreements, including cooperation and
license contracts, is expected by Q1 2020.