CNH Industrial N.V. (CNHI), specializing in the design, manufacturing, and sale of agricultural machinery as well as commercial vehicles, announced to release its financial report for the First Quarter of 2021 on Wednesday, May 5, 2021. CNH stock plunged adjacent to the news.
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At last check in premarket trading, shares of CNH Industrial N.V. (CNHI) plummeted -1.31% at $15.01. For the last six months, CNHI stock has increased by 79.79%, and over the last three months, it has climbed 10.38%. The price range of CNH Industrial N.Vstock was between $14.65 and $15.21.
CNHI Strategic Partnerships.
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CNH Industrial (CNHI) has recentlyterminatedIveco sale talks with China’s FAW Jiefang but is planning to pursue a spinoff of the group early next year. The news comes after FAW was said to have undertaken adequate due diligence, however, no official reason is given for the end of talks.
FAW Jiefang Group specializes to produce medium, heavy and light trucks and buses and has produced more than 300,000 units, along with diesel engines. FAW has issued no official statement in regards to the termination of the IVECO sale talk.
Italian Industry Minister Giancarlo Giorgettiwelcomed the termination and end of discussions, emphasizing holding talks to keep manufacturing within Italy. The Italian government emphasized how heavy truck manufacturing “a strategic national interest” for the country.
Nikola (NKLA) has also announced their objective for the production of a hydrogen infrastructure with CNH Industrial’s (CNHI) and OGE in Germany. The aim of the partnership is to expand hydrogen pipelines to fueling stations and increase the amount of fueling locations for fuel cell-powered cars.
The partnership will ‘Transfrom’ the current vehicular ecosystem in accordance to Gerrit Marx, President Commercial & Specialty Vehicles CNH. Furthermore, the deal is essential in revolutionizing hydrogen and battery-powered heavy-duty trucks.
CNHI has invested heavily in the commercial vehicle sector and is ready for state-of-the-art advancement for its product by establishing strategic partnerships. However, a halt in Iveco sale talks has reduced investor interest with CNHI stock declining after the announcement about the release date for CNHI financial report.