navistar modec press release

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Modec announces Joint Venture with leading US Truck Maker Modec enters Joint Venture with US Truck Manufacturer, Navistar, and U.S. government announces grant to stimulate electric vehicle production. COVENTRY, UK, 05.08.09—Modec, the British manufacturer of world leading electric commercial vehicles, and Navistar International Corporation (NYSE: NAV), the U.S.-based nearly $15bn truck manufacturer, are finalising a ground breaking Joint Venture. United States President Barack Obama announced today a significant grant to stimulate electric vehicle manufacturing in the US. This broadcast took place at the Navistar premises in Elkhart County, Indiana. Navistar was awarded a grant of $39m, which will be used to accelerate electric vehicle production. The deal would see a Navistar-Modec Joint Venture produce and sell electric Class 2c-3 commercial vehicles in North, Central and South America. The zero emission all-electric delivery vehicle would primarily be used for urban-suburban pickup and deliveries, which is the ideal application for this commercial electric van. Modec vehicles, manufactured at the Coventry-based plant, are heralded as the future of urban transport and are designed from the ground up as an electric commercial vehicle. Modec vehicles are operated by high profile companies such as; Global couriers, FedEx and UPS as well as Tesco, the UK’s largest supermarket chain. The Joint Venture is a world first and symbolizes evolution in the automotive industry toward a zero emission future. Press release: Modec – Navistar Joint Venture: 05.08.09 Page 1 of 3

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Press release on Navistar International Corporation and Modec following US Presidential visit and announcement

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Page 1: Navistar Modec Press release

Modec announces Joint Venture with leading US Truck Maker

Modec enters Joint Venture with US Truck Manufacturer, Navistar, and U.S. government announces grant to stimulate electric vehicle production.

COVENTRY, UK, 05.08.09—Modec, the British manufacturer of world leading

electric commercial vehicles, and Navistar International Corporation (NYSE: NAV), the

U.S.-based nearly $15bn truck manufacturer, are finalising a ground breaking Joint

Venture.

United States President Barack Obama announced today a significant grant to

stimulate electric vehicle manufacturing in the US. This broadcast took place at the

Navistar premises in Elkhart County, Indiana. Navistar was awarded a grant of $39m,

which will be used to accelerate electric vehicle production.

The deal would see a Navistar-Modec Joint Venture produce and sell electric Class

2c-3 commercial vehicles in North, Central and South America. The zero emission all-electric

delivery vehicle would primarily be used for urban-suburban pickup and deliveries, which is the

ideal application for this commercial electric van.

Modec vehicles, manufactured at the Coventry-based plant, are heralded as the

future of urban transport and are designed from the ground up as an electric commercial

vehicle. Modec vehicles are operated by high profile companies such as; Global couriers,

FedEx and UPS as well as Tesco, the UK’s largest supermarket chain.

The Joint Venture is a world first and symbolizes evolution in the automotive

industry toward a zero emission future.

“The all-electric delivery vehicle is a concrete example of what business and

government can do when we work together.” said Daniel C. Ustian, Navistar Chairman,

President, and CEO.  “The future is now with this electric vehicle. In fact, we already have

interested customers, including some of the most respected names in the industry.”

Navistar chose to partner with Modec due to purpose-built concept and superior

performance of its vehicles.

“Modec is delighted to be finalising a Joint Venture with Navistar,” said Bill

Gillespie, Chief Executive of Modec.  “The positive impact on Modec and the electric

vehicle world will be significant and this is a true sign of evolution in the automotive

industry.”

Press release: Modec – Navistar Joint Venture: 05.08.09 Page 1 of 2

Page 2: Navistar Modec Press release

About Navistar

Navistar International Corporation (NYSE: NAV) is a holding company whose

subsidiaries and affiliates produce International® brand commercial and military trucks,

MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, Monaco

RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and

step vans. It also is a private-label designer and manufacturer of diesel engines for the

pickup truck, van and SUV markets. The company also provides truck and diesel engine

service parts. Another affiliate offers financing services. Additional information is available

at www.Navistar.com/newsroom.

About Modec

Modec is one of the world's leading electric vehicle manufacturers. The UK

company was formed in 2004, commenced production in 2007 and has already expanded

to seven countries. Modec boasts a phenomenal wealth of automotive and electrical

expertise and produces the world’s first electrical vehicle in its class.

About the Modec vehicle

Modec is a revolutionary commercial electric vehicle, designed from the ground up

for operation in urban environments.  As well as zero tailpipe emissions, the distinctive

appearance clearly demonstrates the vehicle is environmentally friendly.  Modec vehicles

are ‘future proof’ thanks to being designed around a large, removable battery pack, which

means the vehicle can evolve as quickly as battery technology develops.

For more information contact:

Navistar:        Roy Wiley 001-630-753399-2627 [email protected]

Modec:Catherine Hutt             +44 (0) 7894 683 366             [email protected]  

Press release: Modec – Navistar Joint Venture: 05.08.09 Page 2 of 2