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Iveco was founded in 1975 in Italy by merging five European companies: Fiat Veicoli Industriali (Italy), OM (Italy), Lancia Veicoli Speciali (Italy), Unic (France) and Magirus (Germany). The spiritual father of this idea was the then manager of Fiat Bruno Beccaria.

The name is an abbreviation for Industrial vehicle corporation. The company is headquartered in Turin, Italy and is owned by the CNH Industrial group. Today, Iveco manufactures light, medium and heavy commercial vehicles, buses, special vehicles and engines.

In 1990, Iveco acquired 60% of the Spanish truck manufacturer ENASA, which produced under the Pegaso brand, resulting in an expansion of Iveco to the Spanish market. The company also gradually expanded its offer to non-European markets. In 1999, a joint venture named Irisbus was established with Renault VI, which became part of the Iveco Group in 2003. Iveco currently owns the following brands: Iveco, Iveco Powertrain (engine manufacturer), Iveco Magirus (fire truck manufacturer, in-house brands Iveco Ford Truck, Lohr Magirus, Iveco Mezzi Speciali, Camiva), Astra (heavy trucks), Iveco Bus (buses) and more. Iveco is currently one of the world's largest truck manufacturers. In 2007, it entered the US market.

Iveco Czech Republic a.s. (corp.) is a Czech company producing buses in Vysoké Mýto. It was established on 1 July 1993 through the privatization of the state-owned company Karosa, whose name it already bore as a joint-stock company until the end of 2006. In 1999, Karosa became part of the pan-European holding Irisbus. On 26 May 2013, Iveco Czech Republic was renamed IvecoBus.