May 14, 2019 / 7:39 AM / 8 months ago

Volkswagen will use Traton proceeds to internationalize truck business: CEO

Volkswagen's CEO Herbert Diess speaks ahead of Volkswagen Group's annual general meeting in Berlin, Germany, May 14, 2019. REUTERS/Hannibal Hanschke

BERLIN (Reuters) - Volkswagen will use proceeds of an initial public offering of its Traton trucks unit to invest in the “internationalization” of the division, Chief Executive Officer Herbert Diess said on Tuesday.

Volkswagen on Monday said it would press ahead with a listing of Traton before the 2019 summer break and would invest nearly 1 billion euros ($1.12 billion) in an electric vehicle battery cell plant in Europe.

On the sidelines of VW’s annual general meeting, Diess said no carmaker could manage the transition towards e-mobility on its own and that a charging infrastructure and political support was needed.

($1 = 0.8897 euros)

Reporting by Jan Schwartz, writing by Riham Alkousaa, Editing by Tassilo Hummel

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