In a recent statement, the company announced it had "terminated discussions with FAW Jiefang with regard to the company’s On-Highway business." CNH Industrial had begun talks with FAW back in March, according to various reports.

In the statement, CNH Industrial stated that the company is, "continuing to pursue its existing plans for a spin-off of these activities in early 2022.

"CNH Industrial believes there are significant opportunities to develop its On-Highway business by accelerating the deployment of ever more sustainable transport solutions and infrastructure, in line with the EU’s Green Deal ambitions."

In a report from Reuters, Italian Industry Minister Giancarlo Giorgetti "welcomed the end of talks over the sale of truckmaker Iveco to Chinese firm FAW," stating that, "the Italian government considers heavy trucks to be a strategic national interest." It was reported that the Italian government was prepared to hold talks with CNH Industrial to keep Iveco production in Italy.