VW commits $1.7bn to develop new tech

VW will invest in autonomous vehicles and cloud-based systems.

Volkswagen will invest EUR1.4 billion ($1.7 billion) in new technologies including electric trucks and buses by 2022, VW's trucks chief Andreas Renschler said.

The money will go toward electric drives, autonomous vehicles and cloud-based systems, he said on the side-lines of a company event on Wednesday.
He also said a spin-off of VW's trucks business remained an option.

Commercial truck makers are investing in electrification as regulators and policy-makers step up pressure to curtail or eliminate pollution in big cities.

Navistar International and Volkswagen Truck & Bus announced plans last month to collaborate on electric vehicles, saying they would launch an electric medium-duty truck in North America by late 2019.

VW's German rival Daimler last month delivered the first of a smaller range of electric delivery trucks to customers in New York.

Renschler earlier told news agency Bloomberg he expected electric trucks for local deliveries to exceed a 5% market share by 2025.

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