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

1. 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

2. 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 roy.wiley@navistar.com
Modec:
Catherine Hutt +44 (0) 7894 683 366 catherine.hutt@modecZEV.com
Press release: Modec – Navistar Joint Venture: 05.08.09 Page 2 of 2