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By Carlo Martuscelli
Traton Group, the commercial vehicle arm of Volkswagen AG (VOW.XE), said it aims to invest over 1 billion euros by 2025 into research in electric mobility.
The Scania-brand owner said it sees growing demand for electric-powered commercial vehicles.
"In the midterm, we expect that the total cost of ownership of battery-powered commercial trucks used in distribution services and city buses will be comparable with vehicles powered by fossil fuels," said Andreas Renschler, chief executive of Traton SE.
The company said that it has already secured orders for electric trucks from Brazilian beverage producer Ambev, and that later in the year it will put an electric bus in operation in Stockholm.
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(END) Dow Jones Newswires
October 02, 2019 04:43 ET (08:43 GMT)
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