Volkswagen’s heavy-trucks brand MAN stated it will spend over 2.4 billion euros ($2.8 billion) through 2020 on upgrading plants in Europe, Asia and Africa as part of efforts to overhaul production and increase revenue.
Parent Volkswagen has been constructing a global trucks business to take on competitors like Daimler and Volvo by incorporating its MAN and Scania divisions and getting them to share advancement of engines, transmissions, axles and emissions-treatment systems.
MAN Truck & Bus has production sites in three European nations in addition to in Russia, South Africa, India and Turkey.
About 50 percent of the planned investments, some 1.1 billion euros, will be invested by 2020 at its Munich headquarters where a new paint look for motorists’ cabins and additional research and development facilities are being included, MAN stated on Monday.
The supervisory board at the automaker, is expected to sign off on Friday on brand-new targets for group costs over the next 5 years on property, plants and equipment.
Volkswagen is pushing a tactical shift to electric cars and new mobility services these days.
MAN stated on Monday it will invest a mid-range three-digit million-euro amount on electric vehicles with battery-powered buses due to pertain to market next year.