In the same year it undertook the construction of "its own" Leonidas Armored Personnel Carrier, Steyr’s 4K 7FA model built with minor modifications, again with progressively increasing local content.

In the years that followed, Hellenic Vehicle Industry became a major producer of military and civilian trucks for a variety of uses (all based on Steyr models), engines (Steyr types, many for export to the Austrian company itself), military jeeps (Mercedes-Benz G-Class under licence), customized vehicles and machinery, and buses, with significant exports.

The prototype of the ELVO Aletis, meaning "tramp" in Greek, an attractive car designed by Pininfarina with Volkswagen engine, was introduced in the Internationale Automobil-Ausstellung in Frankfurt in 2001, but never produced.

In 2000, Hellenic Vehicle Industry was partly privatised, when the Greek Mytilineos metal and engineering group acquired 43% and undertook the company management.

[4] In 2020, the sale of the company to an Israeli-interest consortium that comprising Plasan Sasa Ltd, Naska Industries – SK Group and Hellenic businessman Aristidis Glinis appears to have successfully concluded.

[6] The acquisition was completed on 14 February 2021[2] with the Israeli consortium taken over control of the production of ELVO vehicles, which Hellenic Armed Forces were interested.