TNI || New Delhi || 20th Nov 2021
Iveco will now be inclined on zero-emission trucks and buses and will be more like a startup, since its parent company, CNH Industrial, looks to spin off the unit to focus more on construction equipment and farm machinery.
However, Gerrit Marx, the Chief Executive designate in an investors presentation, has said that Iveco now should be seen as a 150-year-old startup, which at all times out-thinks and out-smarts the competition.
CNH spin-off can be viewed as similar to Daimler’s, whose truck operations will list separately from next month. Iveco is Europe’s second-largest player in the medium-sized CV segment after Daimler.
That said, in the heavy commercial vehicle segment, it enjoys a monopoly. Under its listing document, Iveco, which also makes defence and speciality vehicles as well as powertrains, has mentioned that its spin-off from CNH would help in the consolidation of both.
Marx added that Iveco is looking to go ahead with partnerships in Asia, which will allow it to mutually supply components, share technology and also embark on some joint venture projects.
On a possible collaboration with South Korea’s Hyundai or China’s Geely, Marx said that’s a partnership on a global scale which makes sense.