Italy — After its third year as an independent group, commercial vehicle manufacturer Iveco Group, based in Turin, announced reduced consolidated revenues  in 2024 of EUR 15.28 billion in (EUR 15.97 billion in 2023). This revenue decline was primarily due to reduced volumes in the truck and powertrain sectors, the company stated. Adjusted EBITA in 2024 was EUR 982 million (a EUR 11 million increase compared with 2023), and the company’s adjusted net income was EUR 569 million (up EUR 181 million compared with 2023).

Spinning off the Defence business

Olof Persson, Chief Executive Officer of the Iveco Group announced that due to trends in the commercial vehicles and defence markets, the Board of Directors is considering separating Iveco Group’s Defence business, comprising the IDV and ASTRA brands. This could simplify the Group structure, allowing both businesses to streamline their respective operations. The option is still being assessed. The Board will give an update later in the year.

Operational Highlights

2024 was full of changes, which included Olof Persson replacing Gerrit Marx as CEO. Marx took up the appointment of CEO of CNH Industrial N.V. based in Basildon, UK. Claudio Passerini was appointed as the President of Iveco Bus (a brand of the Iveco Group NV), succeeding Domenico Nucera, who transitioned to the newly created role of Chief Quality & Operations Officer at the Iveco Group. 

Later that year, Iveco announced the sale of its firefighting vehicle manufacturing unit (Magirus* GmbH) to German private equity firm, Mutares SE & Co. KGaA. The Iveco Group decided to shut down its Firefighting Business Unit. Thomas Hilse, the President of the Firefighting Business Unit at the Iveco Group and CEO of Magirus left the company with immediate effect. Magirus manufactures firefighting vehicles and equipment, produced across Germany, Italy, France and Austria. In 2023, the unit accounted for 2% of Iveco’s revenues. 

During its 2024 IAA Transportation press conference, the company unveiled its new heavy-duty electric truck, the S-eWay Rigid. The truck has a range of up to 400 km on a single charge and has been designed for urban and regional transport. The truck features a rapid charging capability, allowing it to gain 200 km of range in less than 45 minutes. The S-eWay Rigid is equipped with a flexible battery system (up to 490 kWh) and advanced regenerative braking modes for efficient energy management. The vehicle is in series production with the first deliveries starting later this year.

The company also unveiled the eMoovy, a light electric commercial vehicle developed in collaboration with Hyundai Motor Company. This model offers a range of up to 320 km with ultra-fast charging. The eMoovy is designed for urban delivery and logistics, featuring advanced driver assistance systems (ADAS) and a spacious cab design. According to Iveco, this is the “first BEV chassis cab in the mid-segment 2.5t – 3.5t” from the company.

Iveco Bus

There were multiple bus launches in 2024. The company announced it is set to update its range of Crossway city buses with a new mild hybrid version, manufactured at the Iveco bus plant in Vysoké Myto, Czech Republic. Production is slated to begin in 2025. Available in three lengths (10.7,  12, 13 metres, pop and LINE versions), the bus is compatible with XTL (X-To-Liquid) renewable fuels. The bus is powered by a Euro VI Step E compliant CURSOR 9 engine from FPT, a Voith DIWA NXT gearbox and an LTO battery (48 V) mounted on the roof.

At the Autocar Expo in Lyon, Iveco Bus unveiled the Crossway Elec, the new electric version of the Class II bus. Series production is set for Q1 2025 at its Vysoke Myto plant in the Czech Republic. Available in two main versions (a 12 and a 13-metre variant),  these buses are designed for urban, intra-urban and intercity missions. Passenger capacity scales from 57 to 63 in the long version.

In terms of milestones, the company produced 1.8 million Iveco Daily vans (including eDaily) at its Suzzara plant in Italy, which has been in operation for over 45 years.

Investments

The company made significant investments in 2024, including the announcement that it is set to spend EUR 600 million on upgrading its Annonay bus plant in France. This is transforming the facility into a hub for manufacturing electric and hydrogen-powered buses, including the Heuliez GX Elec, Iveco E-Way and the new E-Way-H2 hydrogen model. Additionally, a battery assembly line will be built, enabling the company to better service its European customer base.

In the aftermarket segment, the company announced that the Hedin Mobility Group, headquartered in Mölndal, Sweden, purchased the dealership and retail services network in the Nordic countries in Sweden (Gothenburg, Helsingborg and Malmö), Norway (Bærum), Finland (Espoo) and Denmark (Odense). 

CEO report and 2025

Olof Persson, Chief Executive Officer said:

We are reconfirming our full-year 2025 preliminary forecast for heavy-duty trucks in Europe at between 280-290 thousand registrations, signalling a stabilisation of the market. For medium-duty trucks we expect volumes to be slightly down vs 2024. For light-duty trucks, our European industry forecast is mainly flat vs 2024. These forecasts reflect our expectations for a two-speed year: lower activity in the first half, with recovery in the second.