Agencies
Ford Trucks, the heavy commercial brand of Ford Otosan, and IVECO announced Tuesday the signing of a binding Joint Development Agreement (JDA) for designing and engineering a new cabin for heavy-duty trucks, through total expenditure valued at nearly $374 million.
IVECO is the brand of Italian transport vehicle manufacturing giant Iveco Group that designs, manufactures and markets light, medium and heavy commercial vehicles. On the other hand, Ford Trucks is the brand of Ford Otosan – a joint venture between Ford Motor Company and Türkiye’s conglomerate Koç Holding – which manufactures numerous road and construction series of trucks.
“This agreement follows the exclusive, non-binding Memorandum of Understanding (MoU) announced by the two companies on 14th March 2024, transforming it into an operational project,” IVECO said in a written statement on Tuesday.
“The JDA is a contractual framework for the co-development of a new heavy-duty truck cabin, as well as common sourcing where applicable,” it added.
Moreover, both companies will manufacture and assemble the cabin in their own facilities, customizing specific styling design concepts and selling the products under their respective brands, Ford Trucks and IVECO.
