ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announced today that it has formed a strategic alliance with IAT Automobile Technology Co., Ltd. (headquartered in Beijing; Xuan Qiwu, Chairman; hereinafter "IAT") to advance joint initiatives for the decarbonization of commercial vans in overseas markets (excluding China, used in the same way hereinafter).

Established in 2007, IAT is an independent automobile engineering company that is involved in comprehensive automobile development, including the planning, design and customization of gasoline engine cars and EVs^*1, and the development of automobile parts. IAT employs 1,700 technical research and development staff members and has more than 60 car manufacturing customers in China whose headquarters are in regions such as Europe, Japan, South Korea and China. Since IAT began developing EVs in 2009, the company has more than 10 years of experience and achievements related to the development of EVs.

ITOCHU and IAT share the view that the global tide of decarbonization in recent years will advance rapidly in the field of logistics industry in overseas. The two companies have agreed to cooperate in exporting competitive vehicles and components equipped with features that fulfill the needs of users of the EV vans developed by IAT, cultivating EV engineering projects in overseas, and jointly considering EV related businesses.

As a part of its EV strategies in Japan and overseas, ITOCHU is forming strategic partnership with DST Car Rental (Shenzhen) Co., Ltd. in connection with the globalization of the commercial EV business, and advancing the research and development of EV trucks with exchangeable batteries to accelerate the conversion of commercial vehicles to EVs. By adding engineering and supplying associated functions in EVs through its strategic alliance with IAT, ITOCHU will continue to strengthen its initiatives in the field of commercial EVs in order to build decarbonized transportation and logistics models, and to contribute to achieving a recycling-oriented society based on “business transformation by shifting to a market-oriented perspective” as well as “enhancing our contribution to, and engagement with, the SDGs through business activities”.