HAMBURG (Reuters) – Volkswagen AG
The money will go toward electric drives, autonomous vehicles and cloud-based systems, he said on the sidelines of a company event on Wednesday.
He also said a spin-off of VW’s trucks business remained an option.
Commercial truck makers are investing in electrification as regulators and policy makers step up pressure to curtail or eliminate pollution in big cities.
Navistar International Corp
VW’s German rival Daimler
Renschler earlier told news agency Bloomberg he expected electric trucks for local deliveries to exceed a 5 percent market share by 2025.
(Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Mark Potter)