On July 17, 2025, Hangcha Group, a world-renowned industrial vehicle manufacturer, and Manitou Group, a global benchmark enterprise in the fields of material handling, aerial work platforms and construction machinery, announced that they will establish a joint venture. The company will focus on the manufacturing and sales of lithium-ion batteries for industrial vehicles, with its headquarters in Le Mans, France.

Lithium Battery Joint Venture

The joint venture is a new starting point for the strong alliance between Hangcha Group and Manitou Group to jointly explore the high-end industrial vehicle market. The company will be based in France and oriented toward the globe, helping customers upgrade from lead-acid battery vehicles to high-performance lithium batteries. Compared with traditional lead-acid batteries, lithium batteries have significant advantages: energy density increased by more than 50%, fast charging in 1-2 hours, a service life 3-5 times that of lead-acid batteries, and lighter weight, ready to use while charging, maintenance-free batteries; combined with an intelligent management system, they can greatly improve equipment utilization and reduce overall operating costs. In addition, lithium batteries achieve zero emissions throughout operation, contain no toxic substances such as lead or cadmium, and are safe and environmentally friendly. The establishment of this company is a key part of Hangcha Group's international development driven by its new energy strategy, and will also directly support Manitou's "LIFT" strategic plan to expand its electric product lineup.

Zhao Limin, Chairman and General Manager of Hangcha Group, said: "Deepening strategic cooperation with Manitou and jointly establishing a lithium battery joint venture marks a new stage in our partnership and is also a milestone in Hangcha's global industrial layout. Leveraging Hangcha's core technologies and manufacturing advantages in the lithium battery field, the two parties will jointly enhance capabilities in new energy industrial vehicle powertrain solutions. This cooperation perfectly aligns with our shared goals of accelerating the electrification transition and achieving sustainable development, and will provide strong support for the broader industrial vehicle market."

Hangcha Group

Michel Denis, President and CEO of Manitou Group, said: "Establishing this joint venture with one of our long-term partners will enable us to accelerate the market rollout of our electric industrial vehicle range, which is fully in line with the vision we announced when launching our new 'LIFT' strategic plan. Hangcha's expertise in battery manufacturing will significantly enhance our battery production capacity and fully integrate with our low-carbon development path."

Manitou Group

Led by high-end positioning and gathering momentum for breakthroughs, the lithium battery joint venture carries both parties' shared expectations for the future of new energy industrial vehicles. Hangcha and Manitou believe that, through complementary advantages and unremitting pursuit of innovation, the new company will successfully empower customers' transformation and make important contributions to shaping a cleaner and more efficient material handling industry.

About Hangcha Group

Hangcha Group Co., Ltd. was founded in 1956. As an industrial vehicle manufacturer with nearly 70 years of development, it has accumulated more than 50 years of R&D experience. The company is committed to providing comprehensive material handling solutions to customers worldwide and has become one of the leading enterprises in China's industrial vehicle industry, with the largest scale, the most complete industrial chain, the strongest comprehensive strength and the best economic performance. Relying on self-developed core technologies for new energy forklifts such as lithium batteries, hydrogen energy and hybrid power, Hangcha Group is actively promoting the industry's strategic transformation toward new energy products.

According to statistics from the U.S. magazine Modern Materials Handling (MMH), its operating revenue has ranked eighth among global forklift manufacturers for many consecutive years. In 2024, Hangcha achieved a record annual sales volume of 280,000 forklifts and revenue of RMB 16.486 billion. Its business covers more than 180 countries and regions worldwide, and it has built a well-established global service system through nearly 20 overseas subsidiaries.

About Manitou Group

Founded in 1958, Manitou Group is a global benchmark in the fields of material handling, aerial work platforms and construction machinery. Manitou Group's mission is to improve working conditions, safety and efficiency worldwide by protecting people and their environment. Through its flagship brands, Manitou and Gehl, the Group designs, manufactures, sells and services equipment for the construction, agriculture and industrial sectors.

Committed to innovation-led development, Manitou Group continues to create value for all stakeholders. With the expertise of a network of 800 dealers, the Group works more closely with customers every day. Always rooted in France (where its headquarters is located), Manitou Group achieved revenue of EUR 2.7 billion in 2024. The Group brings together 6,000 employees worldwide, with passion as their common driving force.