Is Europe selling off its industrial crown jewels? Italian truck and bus manufacturer Iveco, long under the control of the Agnelli family, is set to be sold to India’s Tata Motors—already known for owning Jaguar Land Rover (JLR).
A historic pillar of the Fiat empire, Iveco will now come under the control of the Indian automotive giant. In a press release issued yesterday, it was announced that Tata Motors Limited will acquire Iveco in a €3.8 billion deal (excluding its defence activities), with the ambition of creating a global champion in the commercial vehicle sector.
The new entity is expected to generate annual revenues of €22 billion, with operations spanning Europe (50%), India (35%), and the United States (15%), and a focus on growth in emerging markets such as Asia and Africa. The integration of Iveco will also strengthen FPT Industrial, boosting production volumes and expanding its engine business.
Although hydrogen was not explicitly mentioned, the focus is clearly on sustainable, zero-emission mobility. Iveco brings extensive experience in the truck and bus sector, while Tata has been exploring hydrogen technologies, including fuel cells in trucks and hydrogen combustion engines, in partnership with Cummins.
While an Italian company, Iveco has a strong industrial presence in France. It operates a bus factory in Annonay, in the Ardèche region (formerly Irisbus, later a joint venture with Renault Véhicules Industriels), a Heuliez Bus site in Rorthais (Deux-Sèvres), and an engine and transmission plant in Bourbon-Lancy (Saône-et-Loire).
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