Agnelli Family Shifts Gears: Iveco Sale Marks End Of Fiat Truck Era

The Agnelli family, long synonymous with Italy’s automotive and industrial backbone, is officially closing the book on its truck-building legacy. According to The Detroit News, family holding company Exor NV is selling off Iveco Group NV, marking a historic shift from the roar of diesel engines to the quieter hum of high-tech and luxury investments.

The deal, valued at roughly €5.5 billion ($6.3 billion USD), will see Tata Motors of India acquire Iveco’s truck business, while Italy’s state-controlled Leonardo SpA will absorb Iveco Defence. The move effectively severs the dynasty’s last direct tie to the heavy-vehicle segment that began in 1903, when Fiat’s 24 HP rolled out of its Turin factory and set the family on the road to automotive dominance.

For Exor and Stellantis Chairman John Elkann, the 49-year-old great-great-grandson of Fiat founder Giovanni Agnelli, this sale isn’t just a transaction—it’s the culmination of a nearly two-decade-long transformation. Exor, with a net asset value of €38 billion ($43.6 billion USD) as of December, has methodically traded its historic industrial holdings for opportunities in luxury goods, healthcare, and technology.

Stellantis: The Family’s Automotive Anchor – 

Even as Exor exits the truck business, the Agnelli family retains a powerful stake in the global car industry through Stellantis NV, the automaker formed in 2021 from the merger of Fiat Chrysler Automobiles and PSA Group of France. Exor is Stellantis’ single largest shareholder, holding approximately 16% of the company.

This investment is critical to the family’s portfolio. Stellantis produces some of the most iconic brands in the U.S. and Europe, including Chrysler, Dodge, Jeep®, Ram, FIAT, Peugeot, and Citroën. It represents the Agnellis’ last major link to mass-market vehicle manufacturing after decades of spinning off or selling their other automotive and industrial businesses.

The Iveco sale highlights a strategic reality: heavy trucks and industrial vehicles are low-margin and capital-intensive, while Stellantis—despite its own challenges—offers higher global scale and profitability opportunities in passenger vehicles, SUVs, and pickups.

A Slow Exit From Heavy Industry – 

The sale of Iveco is just the latest chapter in Exor’s methodical exit from traditional industrial operations. In 2015, the late Sergio Marchionne, then CEO of Fiat Chrysler Automobiles (FCA), unveiled a bold plan to reshape the family empire. He spun off Ferrari NV, repositioning the Prancing Horse as a standalone luxury brand rather than a standard automaker.

That strategy has proven wildly successful. Ferrari now delivers gross profit margins approaching 40%, roughly four times higher than mainstream European automakers. Its market capitalization sits near $90 billion, accounting for almost half of Exor’s net asset value.

Exor also sold Magneti Marelli, once Fiat’s premier components division, to private equity—now in Chapter 11 bankruptcy—and divested robotics unit Comau. By selling Iveco, Exor is finishing the industrial retreat that began a decade ago.

A Pivot Toward “Bits, Brands, and Biotech” – 

While the sale of Iveco closes the door on trucks, it opens a door to high-growth sectors. Elkann has consistently said Exor’s future lies in luxury, technology, and healthcare, where profits are higher and global demand is expanding.

Exor’s diversified portfolio now includes:

• 24% stake in luxury shoe brand Christian Louboutin

• 10% stake in France’s Institut Mérieux (biotech and vaccines)

• ~19% stake in Royal Philips NV (medical technology)

• $400 million investment in New York-based Via Transportation (ride-sharing)

• Lingotto Investment Management, Exor’s $8.2 billion asset manager focused on digital and forward-looking sectors

According to The Detroit News, the €1.5 billion ($1.7 billion USD) in cash generated from the Iveco sale adds to Exor’s existing €2 billion ($2.3 billion USD) cash reserve, creating a sizable war chest for future acquisitions. Target sectors include biotechnology, artificial intelligence, and U.S.- or Europe-based companies aligned with next-generation mobility.

Political Heat In Italy – 

The Italian government under Prime Minister Giorgia Meloni has backed the deal, noting Tata Motors’ pledge to maintain Italian jobs and keep Iveco’s headquarters in Turin. But unions and opposition leaders remain vocal. FIM-CISL, a major metalworker union, warns that nearly 15,000 Italian jobs could be endangered if long-term guarantees aren’t enforced.

Carlo Calenda, an opposition leader, has urged Rome to invoke its “golden power” to protect domestic intellectual property and jobs. Critics also recall the 2016 relocation of Exor’s legal base to the Netherlands, which some politicians derided as a tax dodge. That tension resurfaced with a €175 million ($201 million USD) inheritance-tax probe into Elkann and his siblings, which was settled earlier this year.

Elkann argues the family is still deeply invested in Italy, pointing to more than €6 billion ($6.9 billion USD) in recent Italian projects, including Stellantis’ electrification initiatives. Still, to many Italians, the Iveco sale is symbolic: the family that once built the nation’s trucks is driving into a very different future.

The End Of A Century-Old Road – 

The Agnelli family is trading industrial might for financial agility. European truck and industrial operations are low-return businesses, while luxury brands, biotech, and advanced technology offer scalable global growth.

From Turin’s early assembly lines to Silicon Valley data centers and Paris fashion houses, the Agnellis have pivoted their empire. With Iveco gone, and Stellantis as their last automotive pillar, they are steering into a world of “bits, brands, and biotech”—leaving behind the diesel hum of their industrial past for the promise of high finance and innovation.