🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Volkswagen is 'second mover' in electric commercial vehicles: executive

Published 09/17/2017, 08:41 AM
Updated 09/17/2017, 08:50 AM
© Reuters. FILE PHOTO: An electric Volkswagen car is plugged into a recharging point in central London
DHLn
-
MBGn
-
UPS
-
TSLA
-
NAV
-
VOWG_p
-

FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p) is a "second mover" in electrified commercial vehicles, after lagging companies such as Tesla (O:TSLA) and Deutsche Post DHL (DE:DPWGn) in putting them on the road, the head of VW's trucks business told a German newspaper.

He said Volkswagen had emissions-free alternatives to conventional trucks and buses on offer.

"But maybe the German manufacturers were too slow. It could be," German daily Tagesspiegel quoted Andreas Renschler, who is also a member of Volkswagen's group management board, as saying in an interview published on its website on Sunday.

Truck manufacturers such as Tesla, Daimler (DE:DAIGn) and Navistar International Corp (N:NAV) are racing to overcome the challenges of substituting batteries for diesel engines as regulators crack down on carbon dioxide and soot pollution.

Tesla Chief Executive Elon Musk tweeted on Wednesday that the Silicon Valley company would show off a prototype of an electric semi-trailer truck on Oct. 26.

"Tesla has set some important and good impulses in the industry," VW's Renschler told Tagesspiegel, but said Volkswagen was rather a "second mover, who would rather check a couple of times more whether the standards are right."

German peer Daimler said on Thursday that United Parcel Service (N:UPS) would be the first U.S. commercial customer for its new battery-powered eCanter truck.

But German logistics group Deutsche Post quietly designed and made its own electric delivery van, the StreetScooter, and plans to double annual output to 20,000 by the end of the year.

Volkswagen said at the Frankfurt auto show this week that it was stepping up its shift to electric cars by investing more than 20 billion euros ($24 billion) in zero-emission vehicles by 2030 to challenge pioneer Tesla in creating a mass market.

© Reuters. FILE PHOTO: An electric Volkswagen car is plugged into a recharging point in central London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.