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VW says it will not pursue Traton IPO for now due to market conditions

Key Points
  • Volkswagen said it would not pursue an initial public offering of its trucks unit Traton due to current market conditions.
  • "In the current market environment, Volkswagen Aktiengesellschaft today decided not to continue with preparation of an IPO of Traton SE for the time being," Volkswagen said in an adhoc statement.
A Traton International LT A26 haulage truck sits on display on the Volkswagen AG (VW) Traton heavy-truck division exhibition area at the IAA Commercial Vehicles Show in Hanover, Germany, on Wednesday, Sept. 19, 2018.
Krisztian Bocsi | Bloomberg | Getty Images

Volkswagen said on Wednesday it would not pursue an initial public offering of its trucks unit Traton due to current market conditions but said the board of management still wanted to list the division if the environment improves.

"In the current market environment, Volkswagen Aktiengesellschaft today decided not to continue with preparation of an IPO of Traton SE for the time being," Volkswagen said in an adhoc statement.

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Key Points
  • VW is increasing by 50 percent the number of electric vehicles it plans to produce over the next decade.
  • The goal is to build 22 million battery-electric vehicles, or BEVs, said Volkswagen CEO Herbert Diess, up from a previous target of 15 million.
  • But by 2025, the company has announced, it plans to add at least 50 new BEVs to its lineup.