Iveco is leaving Russia, transferring its stake in the truck joint venture to a local partner.
Truck and bus maker Iveco Group has decided to exit its joint venture in Russia after mulling the move for several months.
Iveco had a 33% stake in AMT’s truck assembly joint venture with a local partner.
‘The decision has been made, we transferred our share to our (former) local partner, we are out,’ said Iveco Group CEO Gerrit Marks.
The AMT joint venture was established in 1994 and planned to produce 600-700 trucks this year.
‘After years of collaboration, the handover will take some time,’ Marks said. When asked about the financial terms of the deal, he answered: ‘It’s not about finances.’
Iveco also said on Wednesday that it will work with Hyundai Motor HTWO to equip its future hydrogen buses in Europe with fuel cell systems developed by the South Korean hydrogen mobility brand.
The two groups earlier this year signed a preliminary agreement on cooperation in the field of joint transport technology, joint sourcing and mutual supply.
