Iveco Defence Vehicles, the Italian Maker of the LMV and Freccia

Iveco Defence Vehicles is the Italian maker of the LMV light multirole vehicle, the Freccia 8×8 and a wide range of military trucks, and in 2025 its owner agreed to sell it to Leonardo for a reported 1.7 billion euros. Based in Bolzano, the unit has spent decades building wheeled vehicles that sell quietly in large numbers, which is why the deal attracted so much interest in Europe’s land-systems industry.

~EUR 1.7 bn

Reported price Leonardo agreed to pay in 2025

Bolzano

Headquarters and main production, northern Italy

3,000+

LMV vehicles delivered, reported

20+

Countries using Iveco military vehicles, reported

What is Iveco Defence Vehicles

Iveco Defence Vehicles, often shortened to IDV, is the military arm of Iveco, itself a commercial vehicle maker that was part of the Fiat and later CNH Industrial groups before becoming a separate listed company in 2022. The defense unit grew from Iveco’s truck expertise and Italian Army requirements. It builds armored wheeled vehicles, tactical trucks and logistics equipment for armies, police forces and civil protection agencies.

The company is one of two Italian pillars in armored vehicles, the other being the joint Iveco-Leonardo consortium that produces Centauro and Freccia vehicles. That relationship explains why Leonardo became the natural buyer when Iveco’s corporate parent was itself put in play.

Iveco Defence Vehicles fact sheet

Item	Detail
Headquarters	Bolzano, northern Italy
Parent	Iveco Group; sale to Leonardo agreed in 2025 (check status of closing)
Core business	Armored wheeled vehicles, light tactical vehicles, military trucks
Key products	LMV, SuperAV 8×8, Freccia and Centauro (with Leonardo), Trakker and ACTL trucks
Main customer	Italian Army, plus export buyers across Europe, Asia, Africa and South America

Source: public company and press information; closing status of the Leonardo transaction should be confirmed against current filings.

Who owns Iveco Defence Vehicles

The ownership story is a chain of reshuffles. Iveco Group, headquartered in Turin, was spun out of CNH Industrial in 2022. In 2025 Indian carmaker Tata Motors agreed to acquire the commercial vehicle business, while the defense unit was carved out and sold separately to Leonardo, the Italian state-backed defense group, at a reported price of around 1.7 billion euros. The deal was subject to regulatory approvals and closing in 2026, and readers should check current filings for its status.

For Leonardo, the logic is straightforward. The company already builds Freccia and Centauro vehicles with Iveco and has a growing land systems strategy, including a partnership with Germany’s Rheinmetall on tanks and armored vehicles for Italy. Owning IDV outright gives it a wheeled-vehicle maker without sharing the profits.

Iveco Defence Vehicles products

Key products

Product	Type	Note
LMV (Lince)	4×4 light multirole vehicle	Widely exported, many variants including ambulance and command post
SuperAV	8×8 armored vehicle	Related to the Guarani VBTP-MR built in Brazil
Freccia	8×8 infantry fighting vehicle	Italian Army, built via consortium with Leonardo
Centauro II	8×8 tank destroyer	Fitted with a 120 mm gun, Italian Army
Trakker and ACTL	Tactical trucks	Logistics, recovery and heavy transport
MPV and MTV families	Protected and tactical vehicles	Medium-weight offers for lighter forces

Products from company literature; quantities and export partners vary and are not all public.

Iveco LMV and SuperAV

The LMV, or Light Multirole Vehicle, is the best-known product. Introduced in the 2000s, it became a common choice for armies wanting a protected, air-transportable patrol and command vehicle, and it has served with forces in Europe, Asia, Africa and the Americas. Britain adopted a version as the Panther Command and Liaison Vehicle. Norwegian, Spanish, Belgian, Croatian and Czech forces are among other users, and it was built under license in some markets.

The SuperAV is IDV’s 8×8 armored carrier. It competes with vehicles such as the Boxer and the Patria family and has been delivered in several configurations, including Brazil’s Guarani and variants with turreted weapons. Iveco has also pitched medium armored vehicles for light infantry forces that cannot afford the heaviest options.

Iveco Defence Vehicles revenue and outlook

Annual revenue for the defense unit has been reported at roughly one billion euros or slightly above in recent years, a small fraction of its former parent’s total. European rearmament gives it a healthy order backlog, and the Italian Army’s multi-year vehicle modernization is a major anchor. Export opportunities exist for the LMV replacement and for 8×8 carriers where competitors are stretched.

The risks are execution and integration. A carved-out company needs stand-alone systems and supply chains, and it must keep its cooperative relationships with other Italian and European industries while operating under new ownership. Competition from KNDS, Rheinmetall, Patria and Hyundai Rotem in wheeled vehicles is also intense.

Editor’s read

IDV has long been a quiet success story in Italian defense, selling practical vehicles in large quantities. The move to Leonardo turns it from a corporate appendage into a core piece of a national land-systems champion, and the next year should show whether that combination can win bigger export programs.