Volkswagen is not under pressure to sell its trucks business to raise cash as it faces huge costs over its rigging of emissions tests, board member Andreas Renschler told a German newspaper.
“The operating results of the Volkswagen group are good, despite everything. There won’t be a fire sale,” said Renschler, who heads the trucks business at VW, told the Allgemeine Sonntagszeitung.
VW hired ex-Daimler executive Renschler last year to align its truckmaker MAN with its Swedish subsidiary Scania, and carve out a global business to better compete with Daimler and Volvo.
Asked whether the new structure could mean that the trucks business, now separated from VW’s passenger car operations, could be spun off and floated on the stock exchange, Renschler told FAS: “Everything is possible, but only if it makes strategic sense.”
Renschler added tgar the situation in South America, especially in Brazil, was “extremely difficult” but that it was the right move to wait out the downturn and keep production until the economy recovers.
“And then we have hopes for Iran, of course, even if there won’t be quite the gold-rush atmosphere that some are expecting,” he added.
