MUNICH, Germany – Days after comments suggested Volkswagen Truck and Bus is eyeing a potential takeover of Navistar International, the German manufacturer has issued a filing with the Securities and Exchange Commission saying that is hardly a done deal. “VW […]
MUNICH, Germany – Volkswagen is showing interest in acquiring a majority of Navistar “at some point,” building on a minority stake that has already been secured.
Volkswagen Truck and Bus acquired 16.6% of Navistar in 2016, and has already committed to developing a joint big bore powertrain for the North American market, as well as a medium-duty electric powertrain. Now Volkswagen’s commercial arm is also preparing for a potential stock listing as it looks to take on other global manufacturers including Daimler and Volvo.
ATLANTA, GA – Navistar will bring a medium-duty electric powertrain to the North American marketplace by 2019/20, drawing on technical expertise available through Volkswagen Truck and Bus.
“There is an opportunity for electric and electric vehicles in the North American market,” said Troy Clarke, chairman, president, and Chief Executive Officer, referring specifically to the Class 6/7 segment. “It is still in the early stages of the product development cycle there, but that’s the target.”
Volkswagen officially secured a 16.6% stake in the company in March, and is already expected to bring a big bore diesel powertrain to North America by 2021 in addition to sharing other technologies.
It won’t be Navistar’s first foray into electric vehicles. The company launched its Class 3 eStar van several years ago, but that model was ahead of its time, Clarke said in a presentation during the North American Commercial Vehicle Show. MAN, a European nameplate owned by Volkswagen, recently released an electric truck of its own in the form of the eTruck.
WASHINGTON, DC – The head of the Diesel Technology Forum has told state environmental officials that new diesel technology offers the most cost-effective way to reduce NOx emissions, and should be considered when investing the US $2.9 billion Volkswagen Environmental Mitigation Trust.
NASHVILLE, TN – International has launched a new 12.4-liter engine, known as the A26, drawing on an engineering project that became known internally as Project Alpha – as well as selected European components.
Well, it finally happened. Rumored for many months, if not years, and now a fait accompli, Volkswagen Truck & Bus has bought a piece of Navistar International. While the gossip mill mostly envisioned an outright purchase by the German giant, yesterday’s announcement described a less dramatic deal: VW is buying a 16.6% stake in the Illinois company. It will pay US$15.76 per share or a 25% premium over Navistar’s 90-day volume-weighted average price as of Aug. 31, or 12% over Navistar’s closing price on Sept. 2. Navistar will receive US$256 million from the equity investment to be used for general corporate purposes.