Volkswagen to sever van partnership with Daimler: source
HAMBURG/STUTTGART (Reuters) - Volkswagen (VOWG_p.DE) is looking to end its commercial vehicles partnership with Daimler (DAIGn.DE), as VW seeks closer ties with truck subsidiary MAN (MANG.DE), a person familiar with the plans said.
Under a collaboration deal that expires in 2016, Daimler currently makes VW's Crafter van, which is largely similar to Daimler's Mercedes-Benz Sprinter model.
But VW has started to develop a follow-up model by itself, the source said.
"VW's commercial vehicles unit has been clearly mandated to develop a Crafter successor model," the person told Reuters.
Daimler (DAIGn.DE) said in September it would reach out to Volkswagen to see whether the partnership could be extended and offered to include Renault-Nissan (RENA.PA).
Last year, Daimler and Nissan struck a deal on trucks under which Daimler's Japanese truck unit Mitsubishi Fuso will supply its Fuso Canter light truck to Nissan, while Nissan will make the Atlas F24 truck available to Fuso.
VW's powerful Chairman Ferdinand Piech has previously said he would favor truckmaker MAN, in which VW holds more than three quarters of the shares, over Daimler as van alliance partner.
JACKSON HOLE Wyo. - The Federal Reserve should move cautiously in deciding when to raise interest rates given the U.S. labor market remains bruised from the Great Recession, Fed Chair Janet Yellen said on Friday amid calls from policy hawks for a near-term rate hike. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.