January 21, 2022

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Iveco is already a completely independent company, and shares have fallen

Iveco is already a completely independent company, and shares have fallen

Italian truck, bus and engine maker Iveco separated from CNH Industrial on January 1. Thus, it copies the strategy of the larger competitors Daimlertruck and Traton. Shares of Iveco began trading on the Milan Stock Exchange today, where they first appeared on the decline.

lost stock

According to analysts, technical factors and the holiday season are partially contributing to this, Reuters reported. The shares started trading at €11.26, bringing the company’s market capitalization to €3.05 billion. In the morning, the company’s shares lost as much as 11 percent.

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Before trading, CEO Gerrit Marks said Iveco is gaining market share in light commercial vehicles and buses and improving its truck business.

“We are small, but we can act very quickly. We have shown that in just two years we can develop fully electric trucks and put them into series production,” Marks told reporters. CNH Industrial has presented a plan to divide its activities in 2019. One part will include the production of trucks, buses and engines. , The second then agricultural and construction machinery.

Increase company value

The goal of the decision was to increase the value of companies and enhance profitability. Marks added that Iveco’s offering was based on the main idea that there was little opportunity for commercial and off-road vehicles to produce both, and on different directions to further develop its propulsion after moving away from diesel engines. Electric and hydrogen battery engines are likely to dominate trucks in the future.

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But for tractors and other agricultural machinery, it is probably biofuel. In December, shares of truck and bus manufacturer Daimler Truck began trading on the stock exchange. The process of separating this division from the Daimler AG group, now called Mercedes-Benz AG, ended. Since then, Daimler Truck’s shares have increased by nearly six percent and the company’s market capitalization has reached 27 billion euros.

production department

Daimler CEO Ola Källenius said the reason for separating luxury vehicle production from commercial vehicles after a hundred years is the different trends in future technologies for cars and trucks. The main shareholder in Iveco is Exor, a holding group of the Italian Agnelli family. It is also under the control of Fiat Chrysler and sports car maker Ferrari.

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Bloomberg said Exor now owns 27% of Iveco’s stock and 42.5% of the voting rights. The group also includes the Czech bus manufacturer Iveco Czech Republic, known until 2006 as Karosa. The company’s plant in Vysoký Mýto is the largest Iveco bus plant.

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