CNH Industrial N.V. recently held an extraordinary general meeting of shareholders to vote on the spin-off of its commercial vehicle manufacturer IVECO. In the end, the proposal was overwhelmingly approved with 99 percent approval, and the separation of the two companies was approved, with the split expected to be completed on December 31 and take effect on January 1, 2022. Thereafter, IVECO Group will become an independent company and will begin trading on the Milan Stock Exchange on january 3, the first business day of the year.
Iveco S-Way heavy truck
IVECO is not the first truck manufacturer to go ahead of its parent company, and in recent years, several well-known truck brands have spun off from their parent brands and listed separately. Back in 2018, the Volkswagen Group renamed its trucking division Tratton and went public in 2019. It integrates several manufacturers, including MAN Truck & Bus, Scania AB, and is currently expanding its business through continuous mergers and acquisitions. On December 10, another German automaker, Daimler AG, spun off and listed Daimler Trucks AG, which is responsible for trucking and bus business.
Nikola Tre
Iveco's technology focuses on traditional internal combustion engines, mainly diesel and natural gas, but he is also actively planning a transformation for himself. Iveco previously reached a cooperation agreement with electric truck manufacturer Nikola, and Nikola's first all-electric truck, Nikola Tre, was built based on Iveco's S-Way heavy truck. In addition, in April of this year, IVECO announced the signing of a memorandum of understanding with Heavy Truck Autonomous Driving Company Zhijia Technology (Plus). The two parties will jointly develop autonomous driving heavy trucks and promote the commercialization of products on a global scale.