ELVO

The story of the Hellenic Vehicle Industry, or ELVO, begins in 1972 in Thessaloniki, Greece. It started as Steyr Hellas S.A., an offshoot of the Austrian Steyr-Daimler-Puch, with a mandate to assemble trucks, motorcycles, and tractors. Its trajectory was quickly defined by significant contracts from the Greek military, which became its primary customer. By 1986, the company was renamed ELVO, marking a shift from assembly to developing its own military vehicles. Throughout the late 20th century, ELVO became a strategic partner for the Greek state. However, the state-linked nature of the company also exposed it to mismanagement and financial instability. After a partial privatization in 2000 and a return to state control in 2010, the company faced severe financial problems and was put into receivership. The turning point came in February 2021. After a period of uncertainty, ELVO was acquired by an Israeli consortium consisting of SK Group and Plasan Sasa Ltd, along with Greek businessman Aristidis Glinis. This acquisition marked a new chapter, with the new ownership, named ELVO 2020 S.A., committing to invest over 90 million euros to modernize the facilities. In August 2025, SK Group, founded by Samy Katsav, acquired the remaining shares, becoming the sole owner. The move aims to transform ELVO into a global production and export hub, leveraging its strategic manufacturing capabilities.