Volkswagen wants to be the world’s largest carmaker by 2015, selling 10 million cars in the process. But it now looks like the German company has similar ambitions in the truck market. Last week saw VW finalise the purchase of a majority stake in MAN, the truck and bus company from Munich.
The 55.9% majority stake allows VW to determine seats on the supervisory board, and this could be a fast way to accelerate cooperation between MAN and Swedish truck brand Scania, which VW already owns.
Between them, Scania and MAN produced 172,000 trucks (above six tonnes in weight) in 2010, compared with Daimler’s 274,000 units. Three pointed star trucks account for about 10% of global truck output. With 171,000 units, Volvo holds 6.2%, according to data from IHS Global Insight. It won’t take a genius to guess that Euro truck leadership is what VW is gunning for.
“Volkswagen is more than pleased with the result. As a result, our objective of realising substantial synergies between MAN, Scania and Volkswagen in the interest of all shareholders, employees and customers is moving closer,” said Volkswagen Chief Executive Martin Winterkorn.
Who’s next to be gobbled up?
© 2011 Paul Tan's Automotive News. All Rights Reserved.
This story originally appeared on Paul Tan's Automotive News on Tue, 12 Jul 11 04:14:31 +0000.
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