The German defense group Rheinmetall is reportedly preparing to acquire the production of Italian Iveco military trucks. Since the company already produces comparable vehicles under the RMMV brand, such a move would effectively resemble the takeover of a competitor.
According to Reuters, citing comments by Rheinmetall CEO Armin Papperger, an agreement with Leonardo already exists in principle. However, the process is currently delayed because negotiations cannot begin yet.
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The reason is that Leonardo has not yet completed the acquisition of Iveco's defense division, namely Iveco Defence Vehicles (IDV). Meanwhile, the civilian part of Iveco is expected to be sold to India's Tata Group. The deal is expected to be finalized in the first quarter of 2026, after which Rheinmetall may start negotiations with Leonardo.
From the perspective of Defense Express, such a move would give the German defense company additional manufacturing capacity in Italy. Rheinmetall already operates facilities there that produce air defense systems and unmanned aerial vehicles.
Interestingly, the situation suggests that Leonardo may not be particularly interested in the automotive segment of Iveco's defense business. This is understandable, as the company agreed to acquire IDV primarily to strengthen its land warfare capabilities, which mainly include armored vehicles and related modules. In that context, transferring the military truck segment to another interested player appears logical.
It is worth recalling that Rheinmetall already manufactures military trucks through Rheinmetall MAN Military Vehicles, known for its RMMV HX series and RMMV HG series trucks. Some of these vehicles have also been supplied to Ukraine. The company itself is a joint venture with MAN Truck & Bus, which holds 49 percent of the shares, while Rheinmetall owns the remaining 51 percent.
If Rheinmetall acquires the automotive segment of IDV, the German defense group would gain a production line fully under its control. This could allow the company to develop additional independent capabilities in the military truck sector.
Another possibility is that the newly acquired facilities could be integrated into the structure of Rheinmetall MAN Military Vehicles. Such a step would likely require the involvement of MAN but would help incorporate the assets into an existing management structure already experienced in this market.
At present, there is an order for 860 Iveco military trucks from Romania. In addition, Italy has signed a framework agreement for the delivery of 2,111 vehicles over the next 15 years. This means the production facilities will remain well loaded with work, most likely continuing under the new owner.
RMMV trucks themselves are also successful on the global market. For example, Denmark plans to purchase up to 1,000 vehicles from the RMMV HX2 and RMMV TG lines. These trucks are also actively procured for the armed forces of Germany.
In any case, Europe may soon have one fewer independent manufacturer of military trucks. Even if the Iveco brand remains, the ultimate beneficiary would still be Rheinmetall. In that sense, the situation indeed resembles the takeover of a competitor.
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