VENARIA REALE, Italy (AP) — Italian truckmaker Iveco has invested 500 million euros to redesign its flagship small truck for Europe, aiming to catch the upswing in the European truck market and seeking to rival market-leader Mercedes.
Iveco brand manager Lorenzo Sistino said Tuesday that Iveco will work to expand sales of the Daily in northern Europe to grow Iveco's share of the light truck market from 11 percent last year.
Iveco accounts for 30 percent of revenues at parent CNH Industrial, formerly Fiat Industrial, which is counting on its truck business to offset an expected slowdown of farm vehicle sales.
Iveco produced 51,000 Daily trucks in Europe last year and another 14,000 in Latin America, representing more than half of its total production. Iveco has sold 2.6 million Dailey vehicles since 1978.