VW has announced the creation of an integrated commercial vehicles group called Truck & Bus GmbH, which will become the new Volkswagen Group holding for the MAN and Scania commercial vehicle brands.
The shares in Scania AB held by Volkswagen AG will be transferred to Truck & Bus GmbH, with the wholly-owned Volkswagen subsidiary already holding 75.28 percent of the voting rights in MAN SE.
The new company will be led by Andreas Renschler, member of the Board of Management of Volkswagen AG, while the Supervisory Board, composed on a parity basis, will be chaired by Prof. Dr. Martin Winterkorn, CEO of Volkswagen AG.
“MAN and Scania are strong, successful brands with a global reputation. Our clear objective is to become a global champion in trucks and buses, too, and together with the workforce to take this business to the top of the industry,” Winterkorn said.
“Bringing together our commercial vehicle brands under one roof means we can focus more strongly on the needs of the truck and bus business and can therefore accelerate the decision-making process,” Andreas Renschler added.
The executive also stressed that the MAN and Scania brands will retain their independence. Truck & Bus GmbH will steer and coordinate cooperation among the three commercial vehicle companies MAN Truck & Bus AG, MAN Latin America and Scania AB.
As for the VW Commercial Vehicles brand, it will also form part of the integrated commercial vehicles group and will report to Andreas Renschler. However, the brand will continue to maintain close ties with the Volkswagen Passenger Cars brand where the synergies mainly lie.