Manitou and Hangcha form lithium-ion battery joint venture

Manitou Group and Hangcha Group, an industrial vehicle manufacturer, have signed an agreement to create a joint venture specializing in manufacturing and distributing lithium-ion batteries. The establishment of this joint venture will be effective after the review and approval by the European competition authorities.

Advancing battery-powered vehicle capabilities 

The objective of this establishment is to upgrade lead-acid battery-powered vehicles with longer lasting lithium-ion batteries to expand operational lifespan. New product ranges are also 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.

Through a collaborative effort with local authorities in Le Mans, France, 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.

Michel Denis, president and CEO of Manitou Group, states: "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, states: "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's 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 system. 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."