Rheinmetall's Caracal Handover Lands as Artec Order Book Swells to 291 Schakal Vehicles
Published on 10/31/2026 at 18:20 | Editorial boerse-global.de
Rheinmetall shares shed 2.0% on Tuesday, caught in a broad retreat across German defence names. Press reports pointed to the wider market mood and jitters over possible peace talks involving Russia, Ukraine and the United States as the drag on the sector. No company-specific announcement was cited as the trigger for the decline, which was instead pinned on the industry-wide backdrop.
Caracal Vehicles Reach German and Dutch Forces
Against that softer tape, the DĂĽsseldorf-based group confirmed delivery of the first series-production Caracal vehicles to the German and Dutch armed forces. The milestone covers vehicles already handed over to both nations.
Responsibility for delays on other Bundeswehr programmes remains a live dispute. Rheinmetall pushed back on the charge that it bears sole blame, with a company spokesman pointing to the customer's decision more than a month ago to opt for a new B0 driving module as the main cause of hold-ups on the Skyranger system. On the Schwerer Waffenträger, by contrast, the group acknowledged it shares industrial responsibility for the slippage.
OCCAR Tops Up Schakal Fleet
Order intake got a lift from the previously reported Schakal contract. OCCAR tasked Artec — the joint venture of Rheinmetall and KNDS — with a further 69 wheeled infantry fighting vehicles, split between 35 for the Bundeswehr and 34 for the Dutch forces. Rheinmetall put its share of the order value in the mid three-digit million euro range, with deliveries scheduled from May 2032 to November 2033.
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The top-up brings the total number of Schakal vehicles to be delivered to 291. Rheinmetall also agreed with Silvus Technologies to integrate passive high-frequency sensors, a collaboration the company says will bolster airspace security.
Analyst Trims Target, Keeps Buy Rating
Deutsche Bank Research cut its price target on Rheinmetall on Tuesday to EUR 1,650 from EUR 1,800, while reaffirming its "Buy" rating — the lower marker came without any change to the purchase recommendation.
Separately, media reports from 22 October about two purported orders from the Italian army to Leonardo Rheinmetall Military Vehicles remain unconfirmed. The reported total value is around EUR 3.7 billion; according to the report, neither the companies nor the Italian authorities have confirmed the award.
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Kassel-Calden Fire Under Investigation
Away from orders and analyst notes, reports emerged of a fire at a construction site at Kassel-Calden airport, where three pieces of construction machinery burned. Police suspect arson, according to media accounts, and the state security service is investigating a possible political motive — a political angle that is the subject of the probe rather than a confirmed finding.
Rheinmetall has slated publication of its third-quarter 2026 report for 5 November, the next confirmed date on the company calendar.
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