July 3, 2014
Volkswagen Group refuted Thursday reports that it was interested in bidding for U.S. truck-maker Paccar.
According to Reuters, Daimler’s commercial vehicle boss Wolfgang Bernhard earlier Thursday cited “sources” saying Volkswagen intended to bid on Paccar as early as next year. Market analysts have long speculated VW – Europe’s largest automotive manufacturer – would eventually enter the U.S. heavy truck market but most speculated the German automaker would launch a bid for Navistar International.
VW Group sold $2.7 billion in preferred stock last month to fund a takeover of Scania, which VW will fold with its own commercial-vehicle operations and MAN. However, that still leaves VW without a meaningful presence in the U.S. truck market – the world’s largest market for heavy trucks.
In an interesting plot twist, VW and Daimler commercial truck executives share uncanny links.
Bernhard was an executive at VW until 2007. Andreas Renschler was head of Daimler’s truck unit before Bernhard, and is now slated to oversee VW’s commercial vehicle operations next year.