VM Motori S.p.A. is an Italian diesel engine manufacturer headquartered, along with its main production facilities, in Cento, Emilia-Romagna. Founded in 1947, it was a wholly-owned subsidiary of Stellantis from 2011 to 2025, when it was acquired by Marval Group.

VM Motori was founded in 1947 by two entrepreneurs, Claudio Vancini and Ugo Martelli (hence the initials "VM") in 1947.

In 1971, VM merged with Stabilimenti Meccanici Triestini, a Trieste-based industrial joint venture that included Finmeccanica (now Leonardo), who took a majority stake in the combined company. The company was referred to as "Finmeccanica VM" for many years.

As part of Finmeccanica's restructuring in 1989, its stake in VM Motori was sold to company management, backed by Midland Montagu, in a leveraged buyout. This left VM with only its Cento plant.

Detroit Diesel bought VM Motori in 1995. In 2000, Detroit was purchased by DaimlerChrysler.

In 2003, Penske Corporation purchased a 51% stake in VM Motori; in 2007, Penske bought the remaining 49% from Detroit Diesel and subsequently sold 50% of it to General Motors.

In September 2008, GAZ Group announced plans to purchase a 50% stake from Penske, but ultimately cancelled them in February 2009.

On 11 February 2011, Fiat Powertrain Technologies and Penske reached an agreement under which FPT would purchase Penske's 50% stake in VM Motori.