A report from Automotive News Europe stated CNH Industrial was considering selling its Iveco truck business to Chinese automotive manufacturer FAW.
It was reported that CNH Industrial said it could "consider alternatives to a planned spin-off and separate listing of its truck and bus business and that it was in talks with FAW over the future of Iveco."
It was also reported that Rome has the ability to veto "takeovers in key industries involving assets deemed of national interest," and that the Italian government was planning to start an inquiry into the transaction.
This follows reports of an internal memo sent on March 30, 2020, by then interim CEO Suzanne Heywood to CNH Industrial employees hinting at a possible delay in the spin-off.
On Sept. 3, 2019, CNH Industrial announced its new 5-year 2020-24 business plan ‘Transform 2 Win’ at its Capital Markets Day event in New York, presenting a detailed strategy to transform the Company’s structure and performance to empower its five operating segments to achieve their full potential. This included the separation of its ‘On-Highway’ (commercial vehicles and powertrain segments) and ‘Off-Highway’ assets (agriculture, construction and specialty segments) resulting in the creation of two listed entities.