“Iveco has doubled its market share in the UK over the last five years,” Cutts opens. “Last year, we finished just shy of 5%. That was a tactical decision to grow our vehicle park and volume, re-establishing ourselves as a serious player.”

The new entity will operate as a joint venture (JV) between the two companies. For Iveco, partnering with DLL provides valuable expertise in asset financing and financial services, which it anticipates will help expand its asset leasing business.

Petronas has been the exclusive global lubricants and functional fluids partner for Iveco since 2014. Together, they co-develop advanced lubricant formulations specifically engineered to enhance the performance, durability, and fuel efficiency of Iveco’s commercial vehicles.

As part of the H2Haul project aimed at demonstrating the viability of hydrogen-powered trucks for long-haul transport,  Iveco delivered two S-eWay Fuel-Cell trucks to the BMW plant in Leipzig.

The company, founded in 1975 through the merger of five European industrial vehicle manufacturers, is marking this milestone with a year-long series of global events, special commemorative activities, and the launch of Limited Edition vehicles.

This agreement aims to combine resources to improve on the existing cab designs in terms of aerodynamics, comfort and safety. Production of the first cabins is anticipated to commence by 2028.

The partnership focuses on retail financing solutions for commercial and industrial vehicles, conducted through their joint venture, Transolver Finance Establecimiento Financiero de Crédito S.A. (Transolver Finance), in which Iveco Group holds a 49% stake.

Reduced volumes in the truck and powertrain sectors, reduce 2024 revenues but lower operating costs deliver improved margins.

In Q3 2024, Iveco announced that it had reached an agreement with German private equity firm, Mutares SE & Co. KGaA, to sell its firefighting vehicle manufacturing unit (Magirus GmbH) for an undisclosed fee. That sale has now gone through.

Thomas Hilse, President of the Firefighting Business Unit at the Iveco Group and CEO of Magirus has left the company with immediate effect.

During the IAA, Iveco unveiled the S-eWay Rigid, a heavy-duty battery-electric truck with a range of up to 400 km designed for urban and regional transport.

The milestone (an Iveco eDaily) vehicle is headed to British retailer Tesco, which ordered 571 of these e-Daily vans as the company aims to transition its home delivery operations to using fully electric vehicles in the UK by 2030.