Iveco, now independent, suffers for its debut on the stock market | Photo credits: Iveco
by Giulio Piovaccari
MILAN, Jan. 3 (Reuters) – Iveco Group had a complicated stock market debut Monday in Milan with a decline of more than 10% on its first day of listing as an independent company after its split from CNH Industrial.
The title was automatically suspended after going below 11 euros, giving the Italian heavy-duty manufacturer a market cap of less than three billion euros.
In front of a handful of journalists, the managing director of the group nevertheless assured that Iveco provided investors with an opportunity to bet on an admittedly small but dynamic player, having already proven its ability to adapt to larger competitors such as Daimler. Truck and Traton, also recently floated on the stock market.
Gerrit Marx said Iveco was gaining market share in vans and coaches. As for the heavy-duty activity, it is being reorganized and is “already in very good shape”, assured the German leader.
“We are small but we can act very quickly. We have proven that in just two years we can develop fully electric trucks and bring them to series production,” he said.
“We are a little crazy when it comes to developing new technologies, we have to be, because if I operate as our big competitors operate, there will be no more Iveco tomorrow,” he said. he adds. (Report Giulio Piovaccari, French version Bertrand Boucey, edited by Blandine Hénault)