Hangcha Group and Manitou Group Form Joint Venture for Lithium-Ion Batteries in Industrial Vehicles

Hangcha Group, a leading industrial vehicle manufacturer, and Manitou Group, a global leader in material handling, aerial work platforms, and earth moving sectors, have joined forces to create a joint venture in Le Mans, France. The new company will focus on manufacturing and distributing lithium-ion batteries for industrial vehicles, marking a significant step in the strategic collaboration between the two companies. The venture aims to help customers transition from lead-acid battery vehicles to high-performance lithium solutions, offering benefits such as higher energy density, faster charging, and longer lifespan.

Key Takeaways:

• The joint venture will produce lithium-ion batteries with 50%+ higher energy density, 1-2 hour fast charging, 3-5x longer lifespan, and lighter weight, making them an eco-friendly solution with zero emissions and no toxic materials.
• The venture is a pivotal step in Hangcha's new energy strategy to accelerate its global expansion and directly support Manitou's "LIFT" strategic roadmap for expanding its electric product portfolio.
• The joint venture is expected to enhance solution capability of new energy industrial vehicle power systems and accelerate the electrification transformation of the industrial vehicle market.
• Hangcha brings its core technological and manufacturing strengths in lithium battery solutions, while Manitou's expertise in battery production increases the joint venture's capabilities.
• The partnership aligns with both companies' shared objectives to drive sustainable development, provide robust support to the broader industrial vehicle market, and accelerate the deployment of electric industrial vehicles.

Statistics:

• The joint venture has been established in Le Mans, France, with a global vision to support customers worldwide in transitioning to high-performance lithium solutions.
• Hangcha Group has achieved record-breaking sales of 280,000 forklifts and revenue of $2.29 billion in 2024.
• Manitou Group has turned over €2.7 billion in 2024.
• Hangcha's revenue has ranked 8th globally among forklift manufacturers for consecutive years, according to Modern Materials Handling (MMH, USA).

Sources:

• Hangcha Group
• Manitou Group
• Modern Materials Handling (MMH, USA)