Italy’s Leonardo and Germany’s Rheinmetall entered a joint venture for the development and production of combat vehicles, targeting potential orders of up to $54.55 billion.

Both companies will be equal shareholders in the new company – named Leonardo Rheinmetall Military Vehicles (LRMV) – with headquarters in Rome and La Spezia. The establishment of the company is expected by the first quarter of 2025, pending regulatory approval, with 60 percent of the work to be carried out in Italy.