Manitou Group and Hangcha Group announced the signature of an agreement to create a joint venture, specialized in manufacturing and distributing lithium-ion batteries and located in France.
The establishment of this joint venture will be effective after the review and approval by the European competition authorities.
Manitou Group and Hangcha Group have decided to join their strengths, setting up this joint venture that will operate with complete independence, in order to address the lithium-ion battery market, bringing new solutions to customers. The objective of this establishment is to help customers to upgrade their lead-acid battery-powered vehicles with longer lasting lithium-ion batteries to expand their operational lifespan.
New product ranges also are concerned, in particular, the Manitou ME LIFT forklifts launched at the end of 2024. This initiative will directly support Manitou Group's "LIFT" strategic roadmap to expand its electric offerings and reach 28 percent of units sold by 2030.
Michel Denis, president and CEO of Manitou Group, said: "This creation, undertaken with one of our long-standing partners, will allow us to accelerate the deployment of our electric industrial vehicle ranges, in line with the ambitions announced during the presentation of our new 'LIFT' roadmap. Hangcha's expertise in battery manufacturing significantly increases our battery production capabilities and fully integrates with our low-carbon trajectory."
Zhao Limin, chairman and general manager of Hangcha Group, said: "Deepening strategic cooperation with Manitou Group and jointly establishing a lithium battery joint marks a new phase in the partnership between the two sides, which is a milestone in Hangcha global industrial layout. Leveraging Hangcha's core technological and manufacturing strengths in lithium battery solutions, we will collaboratively enhance solution capability of new energy industrial vehicle power systems. This partnership perfectly aligns with our shared objectives to accelerate electrification transformation and drive sustainable development, while providing robust support to the broader industrial vehicle market."
Through a collaborative effort with local authorities and Solutions & Co, the economic development agency of Region Pays de la Loire, the choice of location was Le Mans (Sarthe, France), within an existing site. This joint venture plans to recruit employees including engineers, operators, sales representatives and after-sales service technicians. Le Mans Metropole will support the recruitment and local integration of these future employees.
For more information, visit www.manitou-group.com/en/
