VW to use Traton proceeds to internationalize truck business, says CEO

German automaker Volkswagen will use proceeds of an initial public offering of its Traton trucks unit to spend in the “internationalization” of the division, CEO Herbert Diess stated on Tuesday.

Volkswagen on Monday stated it would press ahead with a listing of Traton prior to the 2019 summer break and would spend nearly 1 billion euros in an electric vehicle battery cell plant in Europe.

On the sidelines of automaker’s annual general meeting, Diess stated no automaker could manage the transition towards e-mobility on its own and that a charging facility and political support was needed.