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FedEx Express and Iveco Present First Test Results For Hybrid-Electric Vans

April 6, 2009

MILAN, Italy, April 6, 2009 – FedEx Express, the world’s largest express transportation company and a subsidiary of FedEx Corp. (NYSE: FDX), today announced the first test results of 10 state-of-the-art hybrid vehicles designed by Iveco, a leading manufacturer of commercial trucks.  The results come approximately six months after the start of testing in which the fuel-efficient vehicles were deployed in Milan and Turin, Italy. 

The results were presented at Palazzo Marino, Milan, during a press conference attended by Ottavio Gioglio, general manager, Iveco Italian Market, Renato Carrara, managing director, Operations of FedEx Express in Italy, and the councillor responsible for Mobility, Transport and the Environment of the Municipality of Milan, Edoardo Croci.
 
The trial, which will continue until May 2010, is part of a broader commitment from FedEx Express to environmental responsibility through the use of innovation and technology to reduce emissions.
 
Over the first six months of the testing, each vehicle covered an average of 7,900 km with a 26.5% reduction in fuel consumption and a decrease in CO2 emissions of 7.5 tons when compared with a traditional vehicle.  These results were made possible by sophisticated control systems and functions such as the Stop & Start, which allows the vehicle to start in electric mode and brake with energy recovery.
 
FedEx Express worked closely with Iveco in the development of the hybrid diesel-electric Iveco Daily, which showcases technology new to light commercial vehicles.  FedEx Express is also the first company to test the technology in vehicles which are designed to stand up to the tough demands of express delivery in crowded urban environments.
 
“Iveco is strongly committed to the development of this technology.  The results of the test are a visible sign of our commitment to driving change by promoting a sustainable innovation,” Gioglio said.
 
The Iveco vans have demonstrated they have the manoeuvrability needed for commercial use.  Following driver training using the vehicles, FedEx Express couriers have been overwhelmingly positive in their praise for the performance, functionality, and ease-of-use of the vehicles.  The couriers have also expressed their pride at being able to contribute to safeguarding the environment while doing their everyday jobs.
 
“The results of this new investment confirm the ongoing commitment of FedEx Express to making hybrid truck technology a reality,’ Carrara said. “FedEx Express was the first company to invest in commercially deployable hybrids and is now operating more than 170 hybrid vehicles around the globe, the largest hybrid fleet in the transportation industry.”

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