The Group

Piaggio Group profile

The Piaggio Group has been a world leader in the two-wheeler and Commercial Vehicles industries for over sixty years.

The Group operates in the two-wheeler sector manufacturing products under the following brands:

Piaggio – the Group’s historic brand, with an extensive range of products from 50cc to 500cc covering all segments of the scooter market. The Piaggio brand image is one of vehicles that are safe, stylish, robust and with cutting-edge technology, able to meet the most diverse urban mobility requirements.

Vespa – the scooter market historic brand. The Group has been selling the Vespa, an icon of Italian style, elegance and quality, for 60 years.

Gilera - the brand under which the Group sells small and medium engined two-wheeler vehicles (up to 850 cc) and a range of road and off-road models that feature sporty, stylish lines, top of the range quality and high performance. The brand is marketed to a young, dynamic and sports-oriented target.

Derbi – the brand which sells small-engined scooters and motorcycles in Europe, aimed at young customers.

Aprilia – the vehicles bearing this brand are sporty and high-tech. The brand has a long racing history, of more than 20 years of successes.

Scarabeo – under the Scarabeo brand, launched by Aprilia in 1993, the Group sells scooters of various engine sizes that are the essence of style, elegance and safety.

Moto Guzzi – the Moto Guzzi brand is an aristocrat of large-engined motorcycles, aimed at enthusiasts seeking classical elegance combined with innovative technology.

The Group operates in the three- and four-wheeler sector, manufacturing products under the Piaggio, Ape, Quargo and Porter brands. The Piaggio Group light commercial vehicles stand out for their compact dimensions, high loadbearing capacity and superb handling.

Vehicles manufactured are sold in over 50 countries.
Two-, three- and four-wheelers are all distributed through their own sales networks, comprising over 11,000 independent operators in the European main and secondary networks, 250 exclusive dealers in India and 300 dealers in the USA, as well as the distribution network of Piaggio importers in other countries.

Piaggio Group financial position and performance

Financial performance of the Piaggio Group

Net revenues

In millions of euro20092008Change
Two-Wheeler Vehicles1,065.41,180.7-115.3
Commercial Vehicles421.5389.432.1
TOTAL REVENUES1,486.91,570.1-83.2

In 2009, the Piaggio Group sold 607,700 vehicles in the world, 410,300 of which in the two-wheeler business and 197,400 in the Commercial Vehicles business.
With regard to the Two-Wheeler business, such performance was realised within a particularly difficult market context in the Group’s main reference areas. In fact demand dropped compared to the same period of the previous year in Europe (- 17%) as well as in the United States (- 40% globally and - 57% in the scooter segment). Deliveries in the Asian market grew with sales of 36,900 units, up 61.8% compared to the same period of the previous year. It should also be noted that, on 24 June 2009, the sale of the Vespa LX scooter, produced in the Vietnamese plant of Binh Xuyen, was officially initiated in Vietnam.
Sales on the Italian market, on the other hand, decreased (- 4.7%), as in the European market (- 20.4%) and the American market (- 41.2%).
The Commercial Vehicles division closed the year with 197,400 units sold, compared to 178,100 units in 2008. The growth of 10.8% is due to the success of its Indian subsidiary, where sales increased by 14.3%. In local currency, Piaggio Vehicles turnover increased by 22.4%.
In 2009 consolidated net sales stood at 1,486.9 ML € decreasing 5.3% compared to 2008. By analysing the performance of revenues in reference sub-segments, the reduction is due to the above-mentioned decrease in demand in the two-wheeler sector, in addition to the change in the euro exchange rate against other currencies, with a negative effect on turnover of approximately 17.5 ML € compared to 2008, which was only partially offset by growth in the commercial vehicles business.
Compared to the previous year, the decrease in the twowheeler sub-segment is due to the reduction in turnover both in the scooter sector (- 36.8 ML €, - 4.6% compared to 2008) and in the motorcycle sector (- 52.0 ML €, - 24.7%).

The gross industrial margin, defined as the difference between “Revenues” and the corresponding “Cost of Sales” of the period, is equal to 467.1 ML €, registering a slight decrease compared to 2008 and accounting for 31.4% (29.9 % in 2008) of turnover. This item includes industrial amortisation/depreciation amounting to 33.0 ML €.
“Cost of Sales” includes: the cost for materials (direct and consumables), accessory purchase costs (transport of incoming material, customs, movements and warehousing), employee costs for direct and indirect manpower and relative expenses, work carried out by third parties, energy costs, amortisation/ depreciation of property, plant, equipment and industrial equipment, external maintenance and cleaning costs net of sundry cost recovery recharged to suppliers.
Operating expenses as of 31 December 2009 totalled 362.6 ML €, a decrease of 11.7 ML € with respect to 374.3 ML € in the same period of 2008 (- 3.1%). These consist of employee costs, costs for services and use of third party assets, and additional operational expenditures net of operating income not included in the gross industrial margin. Operating expenses also cover amortisation/depreciation amounting to 63.4 ML €, not included in the calculation of the gross industrial margin. In addition, operating expenses as of 31 December 2009 included 2.3 ML € of costs for the write-down of product development projects (amounting to 2.1 ML € as of 31 December 2008).
The performance of the above revenues and costs produced a consolidated EBITDA – defined as the “Operating income” before depreciation/amortisation of tangible and intangible assets, as resulting from the consolidated income statement – equal to 200.8 ML €, registering an increase of 6.2% compared to 189.1 ML € of the previous year. In percentage terms, Ebitda accounted for 13.5% of turnover in 2009, compared to 12.0% in 2008.
Operating income in 2009 was positive, amounting to 104.4 ML €, up 9.9 ML € compared to 94.5 ML € in 2008.
Net financial charges amount to 30.8 ML €, compared to 34.9 ML € in 2008, of which 12.4 ML € relative to debenture loans. The improvement refers to the reduction in interest rates which entirely offset the higher financial debt and refinancing of the Piaggio Finance 10% senior notes due 2012 debenture loan with more cost-effective financing.
2009 closed with a consolidated net profit of 47.4 ML €, compared to 43.3 ML € reported the previous year. Total tax for the period amounts to 26.7 ML €, (16.3 ML € as of 31 December 2008). The tax burden increased compared to 2008, which had benefited from significant deferred tax asset entries.

Consolidated cash flow statement

The consolidated cash flow statement prepared in accordance with the models provided by international financial reporting standards (IFRS) is shown in the “Consolidated financial statements and Explanatory notes as of 31 December 2009”. The following is a comment relating to the summary statement shown in the Highlights.
Cash flow generated in the year was 7.7 ML €.
Cash flow from operating activities, i.e. net income plus amortisation/depreciation, was 143.8 ML €. The positive impact of this flow on cash generated in the period, offset by the negative effect of the increase in net working capital - from - 3.7 ML € as of 31 December 2008 to 17.2 ML € as of 31 December 2009 (+20.9 ML €), was partly absorbed by investment activities equal to 89.4 ML €, the net change in funds for 3.8 ML €, as well as distributed dividends equal to 22.5 ML € and the acquisition of own shares for 1.2 ML €.
Investing activities absorbed resources for a total 89.4 ML €. The increase in assets mainly refers to 39.3 ML € of investments in tangible assets, and 54.5 ML € for investments in intangible assets.

Financial position of the Piaggio Group

Net working capital – defined as the net sum of: Current and non-current trade receivables and other receivables, Inventories, Long-term trade payables and other payables and Current trade payables, Other receivables (Short- and long-term tax receivables, Deferred tax assets) and Other payables (Tax payables and Other short-term payables) – was positive for 17.2 ML €, up compared to figures as of 31 December 2008 (a net increase of 20.9 ML €).
Tangible assets consist of properties, plant, equipment and industrial equipment, net of accumulated amortisation/ depreciation, and assets held for sale, as set out in more detail in the “Explanatory Notes” to the Consolidated Financial Statements, in notes 17 and 28. As of 31 December 2009 tangible assets totalled 250.4 ML € confirming figures as of 31 December 2008.
Intangible assets consist of capitalised research and development costs, costs for patents and know how and goodwill arising from the merger and acquisitions operations undertaken within the Group since 2000 onwards, as set out in more detail in the “Explanatory Notes” to the Consolidated Financial Statements, in note 16. As of 31 December 2009, intangible assets totalled 641.3 ML €, 7.0 ML € down compared to 31 December 2008.
Financial assets, defined by the directors as the total of equity investments and other non-current financial assets (refer to Notes 19 and 20), totalled 0.6 ML €, showing no significant change compared to 31 December 2008.
Provisions consist of retirement funds and employee benefits (Note 36), other long-term provisions (Note 33), the current portion of other long-term provisions (Note 34), deferred tax liabilities (Note 35), and totalled 133.7 ML €, decreasing with respect to 31 December 2008 (- 3.8 ML €).

Net financial debt as of 31 December 2009 was equal to 352.0 ML € compared to 359.7 ML € as of 31 December 2008. The decrease of 7.7 ML is due mainly to the positive trend of cash flow from operating activities, which made it possible to finance investments, the distribution of dividends accounting for 22.5 ML € and the purchase of own shares amounting to 1.2 ML €.
The breakdown of the net financial debt, which is set out in more detail in the specific table in the “Explanatory Notes”, may be summarised as follows:

In millions of
As of
As of
Financial assets4.15.8-1.7
(Medium- and long-term financial payables)-305.4-143.9-161.5
(Debenture loan)-137.7-120.9-16.8
(Short-term financial
Total net financial debt-352-359.77.7

The increase in financial assets is related to the new mediumterm debt accrued in 2009 to refinance 2009 and 2010 debt maturity.

Shareholders’ equity as of 31 December 2009 totalled 423.8 ML €, against 398.2 ML € as of 31 December 2008.


Group employees as of 31 December 2009 totalled 7,300, including seasonal staff (1,021 people), with an increase of 1,092 employees compared to 31 December 2008, mainly working at the subsidiaries in India and Vietnam.

Average number
Number at
Number of
Clerical staff2,0391,9672,0631,995

Corporate social responsability

The Piaggio Group has always been committed to safety, quality, environmental issues and the well-being of its employees and partners. In other words, it is committed to being socially accountable for its operations.
During 2009, the Group published its Sustainability Report (2008 Corporate Social Responsibility) for the first time - so that it would be accountable to all stakeholders for actions taken to improve its capacity to generate value, considering its economic and financial responsibilities, as well as other areas and mainly products, the environment, personnel and social commitment.
This document is subject to a limited audit by Deloitte ERS and can be viewed on the institutional website under Investor Relations.

The Group’s 2009 results, in the sphere of social responsibility, will be reviewed and commented on in the 2009 Sustainability Report, shortly to be published.
In defining and preparing the report, the Piaggio Group has followed national and international best practices on Corporate Responsibility and edition G3 of the Sustainability Reporting Guidelines produced by Global Reporting Initiative (GRI).
The GRI Reporting Framework is a universally accepted model for reporting the economic, environmental and social performance of an organisation. It includes practices which are common to different types of organisations and has a content which is both general and sector-specific, with the purpose of reporting the sustainability performance of an organisation.

Significant events after 31 December 2009

22 January 2010 An agreement was signed with Enel to study mobility and charging needs for company fleets and hybrid scooters, based on a joint pilot project to be developed in a number of Italian cities.

Operating outlook

In 2010 the Piaggio Group will focus on continuously improving its competitive edge in all sectors and on all markets where it operates.
Quality, product costs and productivity will continue to be the drivers of management in 2010, which will be based on actions targeting sales of three- and four-wheeler commercial vehicles in India and Europe. The Group will focus in particular on expanding its motorcycle brands Europe, and consolidating its leadership position in the scooter sector in Europe and America, as well as developing sales of Vespa scooters in Vietnam, which officially got underway at the end of June 2009.

In 2010 the Piaggio Group will be committed to future developments and new investments. The most significant include development of its new diesel engine and production
start-up at its new plant in India.

Dealings with related parties

Revenues, costs, payables and receivables as of 31 December 2009 involving parent companies, subsidiaries and affiliated companies refer to the sale of goods or services which are part of normal Group activities.
Transactions are carried out at normal market values, depending on the characteristics of the goods and services provided.

Information on dealings with related parties, including disclosures required by Consob Communication of 28 July 2006, are presented in note E of the Consolidated Financial Statements and in note D of the separate Financial Statements of the Parent Company.

The market

The two-wheeler business

For the second year running, the world two-wheeler market (scooters and motorcycles) registered a 2% downturn, with volumes just under 41 million units.
The Asian area is the largest market. The People’s Republic of China remained the leading market worldwide, reporting a growth of approximately 6% and just under 16 million vehicles sold.
The Indian market came second (+14%), with a growth registering just over 8 million units sold.
South East Asia reported a decline of 3%. In particular, the Indonesian market, which is still the most important in the area, decreased by 6% (5.8 million units sold in 2009). The market in Thailand reported a decrease of 12% (1.5 million units sold), in Malaysia a decrease of 21% (430,000 units), while the Philippines reported a decline of 18% (610,000 units).
The only market to grow in this area was Vietnam which, based on data from the National Association, reported 2.2 million vehicles sold, and a 23% growth.
The Japanese market confirmed the crisis of the last few years, with a 23% decrease in volumes compared to 2008, with the number of units sold dropping to 400,000.
North America recorded a heavy loss in 2009, with a decrease of nearly 400,000 vehicles (reporting a figure of 585,000 units).
Sales dropped sharply in South America, due above all to the Brazilian market (-20%) with figures down to approximately 1.5 million vehicles sold.
Europe, which continues to be the main reference area for Piaggio Group operations, was affected considerably by the world economic crisis. With approximately 1.9 million vehicles sold, the market reported a negative trend in 2009, and a 17% decrease. This result is due mainly to the motorcycle business (-22%) coupled with a downturn in the scooter business (-13%). All sectors registered a negative performance.
In particular sales fell by 15% in the over 50cc sector, and by 20% in the 50cc sector. In the over 50cc sector, the scooter market declined by just 6%, while the motorcycle market decreased by 22%.

The scooter market


The scooter market in Europe reported a 13% decrease in volumes in 2009, from 1,371 thousand units in 2008 to 1,193 thousand units in 2009.
Of all the sectors, the 50cc segment was most penalised and reported a negative trend of 19%, falling from 720 thousand units in 2008 to 584 thousand units in 2009.
The decrease in the over 50cc scooter sector was far less marked with a reduction of 6%, totalling 609 thousand units against 651 thousand units in 2008.
Of the primary nations, Italy remained the most important market with 389 thousand units, followed by France with 226 thousand units. With 112 thousand units sold, Germany became the third country of the area, surpassing Spain, whose sales fell sharply by 106 thousand units.
The French market decreased by 16% compared to the previous year, from 270 thousand to 226 thousand units. The decrease was more unbalanced in the 50cc scooter segment (-18%), while scooters over 50cc fell by 13%.
After a fairly stable first half, the German market closed 2009, with 112 thousand units sold and a decrease of 16%.
The trend was negative both for the 50cc market (-16%) and for the over 50cc scooter segment (-17%).
The Spanish market was undoubtedly the most affected by the global crisis. Despite recovering in the second half of the year, with 106 thousand vehicles sold, figures dropped sharply (-33%) compared to the same period in 2008 when market volumes nearly reached 157 thousand units. Both segments performed badly, however the 50cc scooter sector was most affected, with sales down 47%, against a 23% decrease in the over 50cc scooter sector.
The British market also fell significantly to just above 27 thousand vehicles (-31% compared to the same period in 2008). Similarly to Spain, this market decrease was also more accentuated in the 50cc market which fell by 36% compared to the 26% reported in the over 50cc sector

North America

The scooter market in North America in 2009 dropped sharply (-57%), from 87 thousand units in 2008 to approximately 38 thousand units in 2009.
This marked decrease occurred in both the 50cc and over 50cc segments. The over 50cc segment was particularly affected.
In particular the scooter market in the United States (88% of the reference area) decreased considerably in 2009 (-59%), with figures down to 31 thousand vehicles.

The motorcycle market


The motorcycle market in Europe registered a downturn, from 849 thousand units sold in 2008 to 661 thousand units in 2009 (-22%).

Il mercato della moto

The most significant losses occurred in the 126-750cc segment, with sales decreasing from 351 thousand units to 255 thousand units (-27%) and in the 50cc segment, where figures dropped from 86 thousand units to 64 thousand units (-25%). The 51-125cc and over 750cc sectors also decreased by 13% and 19%, respectively.

The primary markets are France (145 thousand units) - which exceeded Italy in 2009 in terms of sales volumes - followed by Germany (99 thousand units), Great Britain (84 thousand units) and Spain (68 thousand units).

In Europe, the main sub-segment was large-sized engine motorcycles - 126-750 - (255 thousand units) where the Group is present with the Aprilia and Moto Guzzi brands, followed by over 750 cc motorcycles (242 thousand units), where the Group is present with the Aprilia and Moto Guzzi brands. In 2009, all primary markets reported contractions, particularly the Spanish (-48%) and German (-18%) markets, whereas the decrease was less marked on the British (-16%) and French (-10%) markets.

North America

In 2009 the motorcycle market in North America (USA + Canada) decreased considerably (-38%) from 874 thousand units in 2008 to 547 thousand in 2009. In particular, the motorcycle market in the United States (89% of the area) was affected by a marked decline compared to 2008 (-39%), with sales volumes amounting to 489 thousand units against 803 thousand units in 2008.

After the positive trend of the last few years, the motorcycle market in Canada fell by 26%, with the number of vehicles sold in 2008 decreasing from 78 thousand to 58 thousand in 2009.

The commercial vehicles business

During 2009, the N1 Light Commercial Vehicles market in Europe (vehicles with a Gross Vehicle Ground Weight ≤ 3.5 tons) recorded a major decline compared the same period in 2008, equal to 30.5% (EU Countries, source: ACEA).
On the Italian market, sales decreased by 21.5% with 181,274 units sold against 230,964 in 2008 (source: ACEA, deliveries declared by manufacturers, N1 market).

Sales on the three-wheeler market in India, where Piaggio Vehicle Private Limited, a subsidiary of Piaggio & C. S.p.A. operates, went up from 348,597 units in 2008 to 411,296 in 2009, registering an increase of 18.0%.
Within this market, the passenger transport vehicles sector continued to expand, reaching 329,235 units and a growth of 27.6%, while the Cargo sector reported a decrease of 9.4%, falling from 90,602 to 82,061 units. In addition to the traditional three-wheeler market, the four-wheeler Light Commercial Vehicles for goods transport market, must also be considered. Piaggio Vehicle Private Limited operates on this market with the Apé Truk. The LCV Cargo market accounted for 186,332 units in 2009, up 22.3% compared to the same period in 2008.

The regulatory framework


In order to upgrade the circulating fleet of two-wheeler vehicles with new vehicles that have a lower environmental impact, the Italian Government introduced two different types of incentives in favour of consumers if a corresponding obsolete vehicle was scrapped. An incentive scheme was also introduced for the cost of scrapping vehicles (EUR 30 for scooters and EUR 80 for motorcycles):

  • Scrapping & Disposal - Government incentives (Ministry for Economic Development) As of February 2009, a discount of EUR 500 was offered for the purchase of a Euro 3 motorcycle with an engine of up to 400cc or with power not exceeding 60kW; the manufacturer recovers this amount through a tax credit.
    The incentives campaign remained effective up until 31 December 2009.
  • Scrapping - Programme agreement between the Ministry of the Environment, CIVES (Italian electrical vehicle manufacturers association) and ANCMA (Italian motorcycle manufacturers association).

In April 2009, the Ministry of the Environment allocated a fund of approximately 9 ML € as contributions for the purchase of bicycles/electrical bicycles (up to EUR 700), motorcycles (up to EUR 180 if two strokes or EUR 350 if four strokes), electrical vehicles (up to EUR 1300) and hybrids (up to EUR 950). This fund was used up in a short amount of time and was almost exclusively utilised for the purchase of bicycles due to the extremely quick and simple procedure for these vehicles.
In view of the success of this scheme, the Ministry of the Environment decided to allocate a further 10 ML € to continue to scheme. A second programme agreement was made, with the allocation of funds between the bicycle and scooter/motorcycle sector better defined.
Under the new agreement between the Ministry of the Environment, CIVES and ANCMA, purchasers of electric/ hybrid vehicles and motorcycles may receive up to EUR 500 for vehicles with petrol engines and EUR 1300 for electric/ hybrid vehicles. This second incentive campaign began in September and will continue until funds run out.

Joint efforts by the Motor Vehicles Department, ANCMA and ANFIA (Italian National Automobile Association) for the development of specific national regulations on Tuning resulted in a modification of the contents of Article 75 of the Highway Code which now allows users of two-wheeler vehicles to “personalise” their vehicle without excessive bureaucratic constraints by replacing original parts - considered important for safety purposes and/or emissions - with aftermarket components, on condition that the technical and administrative constraints set by the Ministry of Transport are complied with, based on a national specific type approval process.

In April 2009, the Group obtained authorisation from the Ministry of Transport for MP3 LT vehicles with an engine capacity of 250cc and over, including three-wheeler scooter versions, to circulate on freeways, highways and bypass roads.
From November onwards, Certificates of Conformity (CoC) were issued for all manufactured mopeds. Like the regulations in force for motorcycles, the certificates indicate the Anti-Forgery Code (CAF) directly supplied by the Ministry of Transport Data Processing Centre, to prevent fraud or the forgery of documents required to register motor vehicles.

Contact has been established at a political level and with technical departments from the Ministry of Transport, to assess the impact of possible amendments to some articles of the Highway Code on the two-wheeler 50cc market.
These possible amendments concern requirements for riding mopeds (practical tests needed to obtain a moped licence) and for promoting the implementation in Italy of the directive 2006/126/EC on EU driving licences.
EU member states must implement this directive by 1 January 2011.


The European Commission continued to implement and analyse in-depth activities for new technical requirements concerning:

  • Polluting emissions (new Euro phases, CO2 emissions, durability, amount of fuel consumption, a new procedure for measuring exhaust noise levels).
  • Elements linked to safety (ABS braking system, limitation of power, anti-rigging regulations, etc..)
  • Measurement of noise emissions from vehicles in an urban context.

 The Commission, in association with a working party from the United Nations in Geneva (WP29), is amending international technical regulations on the measurement of motorcycle exhaust noise emission, with the introduction of a new procedure which is currently being studied, to come into force in 2 to 3 years’ time. With the assistance of the Italian and European two-wheeler manufacturing industry, practical comparative tests are being conducted on current and future regulations, to define equivalent noise levels of the two procedures.

The Group is carefully monitoring these activities, to prevent new legal requirements from placing further constraints on the European two-wheeler market.

In addition, the EU Commission is assessing the possibility of extending the mandatory periodical technical servicing to two- or three-wheelers; this has already been in effect for automobiles throughout the EU. This measure would result in greater control on real safety conditions and on actual polluting emissions of circulating vehicles.
This periodical servicing has already been effective in Italy for some time, with beneficial effects on the number of roadway accidents.

In August, the Official Journal of the European Union published the directive 2009/108/EC, amending, for the purposes of adapting it to technical progress, Directive 97/24/ EC of the European Parliament and of the Council on certain components and characteristics of two- or three-wheel motor vehicles.
The amendment provides for the possibility of type approval of hybrid motor vehicles for pollution or noise emission purposes.
This possibility was immediately used and at the beginning of September, the MP3 Hybrid 125cc obtained European type approval and is currently on the market in leading European nations.

The European CEN standard on protective clothing for riders, and in particular for races, is currently under review. Changes being discussed concern increasing the protection and safety characteristics of this type of clothing. Some of these requirements might become mandatory for road use as well.

In France, the proposal to modify national regulations - in order to prevent the driving of the Piaggio MP3 LT vehicle with a B license (car licence) - was rejected. This was possible due to the fact that currently effective directive on the EC driving license (91/439/EC) allows for driving the MP3 LT with a B license and that the national regulations can not be in conflict with EC regulations.

In Spain, the new directive of the EC license 2006/126/ EC was incorporated significantly in advance; its entry into force was in January 2013. This directive sets more stringent conditions for the use of two- and three- wheeler vehicles.
ACEM requested that the EU ensure that Member States comply with the deadlines of the directives, thereby requesting that Spain postpone implementation of the directive.

Non-European countries

In the United States, discussions at the federal level are underway in order to modify the currently effective provisions relative to:

  • evaporative fuel emissions from the power supply system
  • new safety measures (ABS requirement, periodical servicing of circulating vehicles, etc.).

In Thailand, new national regulations came into force to measure pollution from two-wheeler motor vehicles, similar to the current Euro 3 regulations in effect in Europe, but including additional testing of durability for anti-pollution devices (Deterioration Factor DF = 1.1) and fuel tank evaporative emissions. The latter tests are not in force in Europe at present.

A similar scenario unfolded in Taiwan, where national regulations came into force for testing of exhaust emissions, which is equivalent to Euro 3, durability (DF = 1.4) and evaporative emissions, in addition to fuel consumption.

At the ISO (International Standardisation Organisation) level, activities are underway in relation to electrical and/or hybrid vehicles in order to define and regulate:

  • their classification and relative terminology,
  • their performance (engine, vehicle, etc..) - operating safety characteristics for vehicle use (insulation of electrical components, electronic management of controls and vehicle controls, etc.).