Iveco Group N.V.

European truck manufacturers on the 14th asked the European Union to extend the deadline for meeting carbon dioxide reduction targets by three years from 2030. They cited inadequate charging infrastructure and soaring energy costs as reasons why zero-emission vehicles are not worth purchasing. Under current EU rules, manufacturers in the bloc are required to cut CO2 emissions from new heavy-duty vehicles by 43% by 2030 compared with 2025, by 64% by 2035, and by 90% by 2040, with fines imposed for non-compliance. According to the European Automobile Manufacturers' Association, zero-emission vehicles currently account for only 2.4% of new heavy-duty vehicles, far below the level needed to meet the 2030 target. In a statement, the chief executives of seven major European truck and bus makers, including the Netherlands' DAF Trucks, Germany's Daimler Truck, Italy's Iveco, and Sweden's Scania, called for the 2030 deadline to be extended by three years, and also urged policymakers to accelerate the rollout of charging stations, speed up grid connections, expand road toll systems based on CO2 emissions, and create conditions to reinvest revenue from emissions trading into infrastructure development and the spread of zero-emission vehicles.

Toyota Motor is broadening its hydrogen strategy with plans to launch a fuel-cell-powered Hilux in Europe in 2028, targeting corporate fleets and leasing companies rather than mainstream pickup buyers. The hydrogen Hilux is expected to deliver more than 400 kilometers of range and tow up to 2.5 metric tons, though Toyota has not yet disclosed pricing or full production specifications after first showing a prototype in Britain in 2023. Toyota will compete in the Dakar Rally beginning in January 2027 with a vehicle based on the hydrogen-powered Hilux to showcase durability and performance. The launch fits a broader commercial-vehicle expansion in which Toyota Professional is targeting 200,000 light commercial vehicle sales in Europe by 2030, roughly 20% above 2025 levels, while lifting market share to 8% from 6%. Separately, Toyota unveiled a next-generation hydrogen fuel-cell system for heavy-duty trucks, a 300-kilowatt system delivering twice the output and durability of its predecessor while improving fuel efficiency by 20%, which it plans to supply to Scania and Iveco for pilot programs.

Plus Automation, Inc., known as PlusAI, a developer of AI-based virtual driver software for factory-built autonomous trucks, has agreed to go public through a business combination with special purpose acquisition company Texas Ventures Acquisition III Corp. The deal values PlusAI at an approximately $800 million pre-money equity value and could bring up to roughly $300 million in capital, including over $60 million in fully committed financing and about $236 million from the SPAC's trust. PlusAI has generated $25 million in revenue from its HyperFoundry software platform and targets $40 to $50 million in contracted revenue for 2026, while its SuperDrive Level 4 autonomous driving system is already hauling freight in Texas with Ryder and International. The combined company will operate as PlusAI, with the transaction expected to close in 2026 and support a targeted 2027 commercial launch of factory-built autonomous trucks with partners including TRATON, Hyundai, and IVECO.

Iveco Group reported a 7.3% increase in second-quarter consolidated revenues to €3,764 million, driven by higher volumes in Europe, while adjusted EBIT fell to €131 million from €171 million a year earlier, reflecting planned investments in quality. Industrial Activities generated an adjusted EBIT of €104 million, down from €143 million, and free cash flow was an outflow of €45 million, though available liquidity remained solid at €4.4 billion after the payment of an approximately €1,550 million extraordinary interim dividend from the Defence business disposal proceeds. The company said Tata Motors’ tender offer for the proposed acquisition of Iveco Group is expected to be launched in early September 2026, with closure envisaged by early November 2026, pending one final regulatory approval. Looking ahead, Iveco Group expects a gradual recovery in profitability during the second half of 2026, supported by actions implemented in the first half and an acceleration of its Efficiency Programme, while also anticipating solid free cash flow generation.