Germany increases military arsenal - Orders 1,400 vehicles worth 770 million euros
The German armed forces have placed an order with the local company Rheinmetall for around 1,400 military logistics vehicles, worth 770 million euros.
The Düsseldorf-based defense firm said in a statement that the deal includes 963 vehicles with interchangeable body systems. The order also includes 425 unprotected transport vehicles, which are unarmored trucks used in low-risk areas.
Rheinmetall shares rose about 3% after the news. “As a reliable partner of the Bundeswehr, we are pleased to be delivering additional vehicles and contributing to the mobility and operational readiness of the armed forces,” said one of the company’s board chairmen.
Orders have been booked for the third quarter, with deliveries due before the end of 2025. Rheinmetall has been one of the main beneficiaries of defense spending in Europe, with shares up more than 190% year-on-year.
Russia's war in Ukraine had long boosted demand for Rheinmetall products, and now investors are hoping to benefit from greater public spending on military equipment.
Pressure from US President Donald Trump has encouraged Europe to increase defense capabilities, and Germany has agreed to change strict debt rules to facilitate investment.
The German military is currently undergoing a major overhaul to update its technology. Berlin has pledged to increase defense spending to 3.5% of gross domestic product by 2029.
This year, the NATO alliance also agreed to increase military spending from 2% to 5% of GDP by 2035.
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