Volkswagen’s Truck Unit to Pour $2.2 Billion Into Electric Vehicles, Software
- CO2 reduction biggest challenge to industry, truck head says
- VW unit outlines plans three months after partial listing
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Volkswagen AG’s Traton truck division plans to spend more than 2 billion euros ($2.2 billion) over the next five years on electric vehicles and digital offerings in a bid to keep pace with the industry’s “radical” transformation.
The plans come three months after the world’s largest automaker pushed through the unit’s stock market debut to fuel an ambitious global expansion outside its main European market. At the same time, the truckmaker, comprising Sweden’s Scania and Germany’s MAN brands as well as a subsidiary in Brazil, needs to comply with stricter emissions rules for carmakers and truckmakers alike.