Traton

Last updated
Traton SE
Formerly
  • Truck & Bus GmbH
  • Volkswagen Truck & Bus GmbH
  • Volkswagen Truck & Bus AG
  • Traton AG
Type Public ( Societas Europaea )
Industry Automotive
Predecessor Volkswagen Group's heavy vehicle operations
FoundedJune 6, 2013
Headquarters,
Germany
Key people
Matthias Gründler (CEO) [1]
Products Commercial vehicles
RevenueDecrease2.svg 22.58 billion [2]  (2020)
Decrease2.svg €81 million [2]  (2020)
Decrease2.svg €-124 million [2]  (2020)
Total assets Decrease2.svg €42.767 billion [2]  (2020)
Total equity Decrease2.svg €13.169 billion [2]  (2020)
Owner Volkswagen Group (89.7%)
Number of employees
82,600 [2]  (December 31, 2020)
Subsidiaries MAN Truck & Bus
Scania AB
Navistar International
Volkswagen Caminhões e Ônibus
Sinotruk (25%)
Website www.traton.com

Traton SE, known as the Traton Group (formerly Volkswagen Truck & Bus AG), is a subsidiary of the Volkswagen Group and one of the world's largest commercial vehicle manufacturers, with its MAN, Scania, Navistar and Volkswagen Caminhões e Ônibus brands. The company also has digital services branded as RIO. [3] In 2020, the Group sold around 190,200 vehicles. [2] The range of products includes light-, medium-, and heavy-duty trucks, as well as vans and buses. As of December 31, 2020, Traton employed around 82,600 people in its commercial vehicle brands. [2]

Contents

History

In 1979, Volkswagen AG held a 67% share in Chrysler Motors do Brasil Ltda., a Brazilian commercial vehicle manufacturer. In 1980, Volkswagen acquired the remaining shares in Chrysler, renamed the company Volkswagen Caminhões e Ônibus Ltda., and assigned it to the Volkswagen Commercial Vehicles division.[ citation needed ]

In the early 2000s, Volkswagen contributed 3 billion German marks to Swedish Scania AB, controlling 34% of the voting rights and holding 18.7% of the share capital. In 2006, MAN SE presented Volkswagen and the other Scania shareholders with a takeover offer in the amount of 9.6 billion euros. A few days later, Volkswagen rejected the offer, and broached the subject of a potential truck alliance for the first time.[ citation needed ]

In October 2006, Volkswagen AG announced that it had acquired 15% of MAN SE, but did not intend to take over. On October 12, 2006, MAN SE increased its takeover bid to Scania by 400 million euros, bringing it to a total of 10 billion euros. At the same time, it bought additional shares, giving it control of about 14% of Scania AB. After the partners also rejected the revised offer, MAN withdrew the offer in January 2007 and began talks about a possible alliance between the three companies. To further consolidate this alliance, Volkswagen acquired another 14.9% of MAN. Shortly afterwards, Volkswagen announced that it now held 35.3% of the Scania voting rights. Volkswagen acquired a further 30.62% of the voting rights from the Swedish Investor AB and the Wallenberg foundations in March 2008. Volkswagen had already controlled this share in the past by means of an agreement with the existing shareholders. [4]

In December 2008, Volkswagen AG sold the Brazilian subsidiary Volkswagen Caminhões e Ônibus Ltda. to MAN SE for 1.2 billion euros. The company was incorporated into MAN Latin America Ltda. under a new name, selling the majority of its heavy trucks and buses under the Volkswagen Caminhões e Ônibus brand, alongside MAN Truck and Bus products. Volkswagen acquired further MAN SE shares at the beginning of May 2011 and was obliged to submit a takeover offer, which it did at the end of the same month. Volkswagen held the majority of voting rights at 55.9% at the end of the acceptance period. As part of further share purchases, Volkswagen announced voting rights of 75.03% on June 6, 2012. Due to the resulting statutory blocking minority of 25%, Volkswagen was given sole control of MAN SE. On April 16, 2013, Volkswagen AG applied for “Truck & Bus GmbH” to be entered into the commercial register of the city of Wolfsburg. On forming this new subsidiary, Volkswagen transferred the shares it held in MAN SE, with whom Truck & Bus GmbH signed a control and profit transfer agreement on June 6, 2013. Volkswagen AG held more than 89% of the Scania AB voting rights as a result of the shares in Scania held by its subsidiary, MAN.[ citation needed ]

In February 2014, Volkswagen issued a voluntary public takeover bid to the remaining shareholders of Scania. At the end of the acceptance period in June 2014, Volkswagen held 99.57% of the voting rights. Following the squeeze-out under Swedish law, Volkswagen AG became the holder of 82.63% of the voting rights directly and another 17.37% via MAN SE. [5]

At the beginning of July 2015, the shareholders' meeting of Truck & Bus GmbH decided to rename it Volkswagen Truck & Bus GmbH, a company based in Braunschweig. Andreas Renschler, at that time responsible for the Commercial Vehicles on the Board of Management of Volkswagen AG, became CEO. Martin Winterkorn was appointed as chairman of the supervisory board. The shares Volkswagen held in Scania were transferred to the renamed holding company. Volkswagen Commercial Vehicles remained part of Volkswagen AG.[ citation needed ]

In 2016, Volkswagen Truck & Bus acquired a 16.6% stake in U.S. commercial vehicle maker Navistar International Corporation. Both companies entered into a strategic technology and supply cooperation initiative and established a purchasing joint venture. [6]

On June 20, 2018, it was announced that Volkswagen Truck & Bus was to be renamed Traton, effective from the third quarter of 2018. [7]

On June 26, 2018, Volkswagen Truck & Bus GmbH was transformed into a German stock corporation ( Aktiengesellschaft ), becoming Volkswagen Truck & Bus AG. [8]

In August 2018, Volkswagen Truck and Bus was renamed Traton AG. [9] They used their new name at their IAA 2018 press-conference with their tagline "Transforming Transportation". [10] Followed by the transformation into a European company ( Societas Europaea or SE) in December 2018, the company was renamed Traton SE. [11] The name stands for TRAnsformation, TRAnsportation, TRAdition, TONnage and always “ON”. [12]

On June 28, 2019, Traton was listed at the Frankfurt and Stockholm stock exchange. The placement price for the dual listing was set at 27.00 euros per share. A total of 57,500,000 ordinary bearer shares from Volkswagen AG's holdings were placed with investors, 11.5% of Traton's share capital. [13] Volkswagen raised 1.55 billion euros. [14]

In 2018, Volkswagen Truck and Bus and Hino Motors announced a wide-ranging strategic partnership for activities including procurement, technologies and logistics. In November 2019, they established a procurement joint venture called Hino and Traton Global Procurement, with 51% of it owned by Traton and 49% by Hino. [15]

On January 30, 2020, Traton announced a proposal to purchase all outstanding shares in Navistar. [16]

In February 2020, Traton announced that it intends to merge with MAN SE in order to simplify Traton's overall structure. As a result of the merger, MAN Truck & Bus SE, Scania AB and Volkswagen Caminhões e Ônibus will become wholly owned direct subsidiaries of Traton. [17]

In September 2020, Traton formed a partnership with TuSimple, a self-driving trucking technology company, to co-develop level 4 autonomous trucks by equipping Traton's Scania trucks with automated vehicle technology. [18] As part of this new partnership TRATON has invested in TuSimple. [19]

On July 1, 2021, Traton successfully completed its takeover of Navistar. [20]

Corporate strategy

According to the company, teams of MAN and Scania engineers will jointly develop the core components of the powertrain. The management of the cross-brand project groups will be taken over by one of the two companies. Scania is responsible for large engines with 13 liter-capacity, whereas MAN is in charge of smaller units with five- to nine-liter engines. The breakdown for exhaust systems and gearboxes is similar. [21]

Corporate structure

Integration into the Volkswagen Group

Traton forms the Commercial Vehicles Business Area of the Volkswagen Group, which owns a 89.7% majority shareholding. The Commercial Vehicles Business Area formerly included the Volkswagen Commercial Vehicles brand, but following changes in the management structure of the Volkswagen Group, the Volkswagen Commercial Vehicles brand was reallocated to the Passenger Cars Business Area from 1 January 2019. [22]

Traton holds 100% of Navistar International Corporation, along with direct majority shareholdings in Scania AB (82.63%) and MAN SE (94.36%). MAN SE holds 100% of MAN Truck & Bus SE and 100% of MAN Latin America Ltda, along with the remaining 17.37% of Scania AB and 25% + 1 share of Sinotruk. [23]

Brands

MAN Truck & Bus

MAN Truck & Bus has medium- and heavy-duty trucks for long-haul and distribution transport, as well as for construction sites and special applications. In addition to urban, intercity, and touring coaches of the MAN and Neoplan brands, the TGE light transporter completes the range of models on offer. In 2020, MAN sold 81,673 vehicles, including 76,333 trucks and 5,340 buses. In 2020, sales revenue of the MAN Truck & Bus operating unit was 9.659 billion euros. [2]

Scania

Scania AB makes trucks for long-distance and distribution traffic, construction sites, and special areas, including autonomous trucks for enclosed areas. City and intercity buses, and coaches complete the product portfolio. In 2020, the brand sold 72,085 vehicles – 66,899 trucks and 5,186 buses. [2]

Volkswagen Caminhões e Ônibus

MAN Latin America mainly operates under the Volkswagen Caminhões e Ônibus (Portuguese for Volkswagen Trucks and Buses) brand specializing in developing markets. It has light-, medium-, and heavy-duty trucks for long-distance and distribution transport, construction sites, and special areas. City and intercity buses and coaches are also available. In 2020, MAN Latin America sold a total of 36,974 vehicles. [2]

Navistar produces heavy trucks under the International brand, and buses under the IC Bus brand. On July 1, 2021, Navistar became a wholly owned subsidiary of Traton SE, and therefore part of the Traton Group.

RIO

RIO is the digital services brand of Traton. [24]

See also

Related Research Articles

Volkswagen Group German automotive manufacturing conglomerate

Volkswagen AG, known internationally as the Volkswagen Group, is a German multinational automotive manufacturing corporation headquartered in Wolfsburg, Lower Saxony, Germany and owned by Porsche SE, part of the Austrian-German Porsche and Piëch family. It designs, manufactures and distributes passenger and commercial vehicles, motorcycles, engines, and turbomachinery and offers related services including financing, leasing and fleet management. In 2016, it was the world's largest automaker by sales, overtaking Toyota and keeping this title in 2017, 2018 and 2019, selling 10.9 million vehicles. It has maintained the largest market share in Europe for over two decades. It ranked seventh in the 2018 Fortune Global 500 list of the world's largest companies.

MAN SE German mechanical engineering company

MAN SE is based in Munich, Germany. Its primary output is commercial vehicles and diesel engines through its MAN Truck & Bus and MAN Latin America divisions, and participation in the manufacturer Sinotruk.

Automotive industry Organizations involved with motor vehicles

The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest industries by revenue. The automotive industry does not include industries dedicated to the maintenance of automobiles following delivery to the end-user, such as automobile repair shops and motor fuel filling stations.

Scania AB Swedish truck and bus manufacturer

Scania AB is a major Swedish manufacturer headquartered in Södertälje, focusing on commercial vehicles—specifically heavy lorries, trucks and buses. It also manufactures diesel engines for heavy vehicles as well as marine and general industrial applications.

Large goods vehicle

A large goods vehicle (LGV), also called a heavy goods vehicle (HGV), is the European Union (EU) term for any truck with a gross combination mass (GCM) of over 3,500 kg (7,716 lb). Sub-category N2 is used for vehicles between 3,500 kg and 12,000 kg (26,455 lb) and N3 for all goods vehicles over 12,000 kg as defined in Directive 2001/116/EC. The term medium goods vehicle is used within parts of the UK government to refer to goods vehicles of between 3,500 and 7,500 kg which according to the EU are also "large goods vehicles".

Navistar International U.S. industrial company

Navistar International Corporation is an American holding company created in 1986 as the successor to International Harvester. Navistar operates as the owner of International brand of trucks and diesel engines. The company also produces buses under the IC Bus brand. On July 1, 2021, Navistar became a wholly owned subsidiary of Traton SE, and therefore part of the Traton Group.

International Indústria Automotiva da América do Sul Ltda. is the Brazilian subsidiary of Navistar International, specialised in the manufacturing of diesel engines for Latin American automotive applications. Until 2005, it was known as MWM Motores Diesel Ltda.

Renk

Renk GmbH is a German industrial company headquartered in Augsburg. It manufactures transmissions for trucks, military vehicles, and ships.

Volkswagen Commercial Vehicles

Volkswagen Commercial Vehicles (VWCV) is a German marque of light commercial vehicles, owned by Volkswagen Group. It is headquartered in Hannover, Lower Saxony, Germany. Originally part of Volkswagen Passenger Cars, it has operated as a separate marque since 1995.

Volkswagen do Brasil

Volkswagen do Brasil Ltda. is a subsidiary arm of Volkswagen Group, established in 1953 with local assembly of the Volkswagen Type 1 from parts imported from Germany. It produced over 20 million vehicles in Brazil, having been market leader for the majority of their more than sixty years in existence. Beginning in 1958, the Type 1 ("Fuscas") had a 24-year run as the number one in sales in Brazil. From 1987 until 2012, the Gol has been in first place in sales for 26 years straight.

Volkswagen Delivery Motor vehicle

The Volkswagen Delivery is the entry-level model in the Volkswagen Caminhões e Ônibus heavy truck range. It sits above the Volkswagen Commercial Vehicles light commercial vehicle range; Caddy, Transporter, Crafter and Amarok.

Porsche Automobil Holding SE, usually shortened to Porsche SE, is a German multinational corporation primarily known as a holding company of Volkswagen Group with investments in the automotive industry. Porsche SE is headquartered in Zuffenhausen, a city district of Stuttgart, Baden-Württemberg and is majority owned by the Austrian-German Porsche-Piëch family. The company was founded in Stuttgart as Dr. Ing. h.c. F. Porsche GmbH in 1931 by Ferdinand Porsche (1875–1951) and his son-in-law Anton Piëch (1894–1952).

Volkswagen Caminhões e Ônibus

Volkswagen Caminhões e Ônibus, which is Volkswagen Trucks and Buses in English, is a Brazilian commercial vehicle manufacturing company based in Resende, Brazil and a subsidiary of Traton. It manufactures heavy trucks and buses under the Volkswagen marque.

Andreas Renschler is a German engineering manager. He is the former Chief Executive Officer of TRATON SE and member of the Board of Management of Volkswagen AG. Furthermore he is chairman of the Latin America Committee of German Business.

MAN Truck & Bus International manufacturer of commercial vehicles

MAN Truck & Bus SE is a subsidiary of Traton, and one of the leading international providers of commercial vehicles. Headquartered in Munich, Germany, MAN Truck & Bus produces vans in the range from 3.0 to 5.5 t gvw, trucks in the range from 7.49 to 44 t gvw, heavy goods vehicles up to 250 t road train gvw, bus-chassis, coaches, interurban coaches, and city buses. MAN Truck & Bus also produces diesel and natural-gas engines. The MAN acronym originally stood for Maschinenfabrik Augsburg-Nürnberg AG, formerly MAN AG.

MAN TG-range Motor vehicle

The MAN TG-range is a family of trucks produced since 2000 by the German vehicle manufacturer MAN Truck & Bus. It is the successor to the F2000, L2000, and M2000 series. It consists of the TGA, TGL, TGM, TGS, and TGX.

Volkswagen Argentina

Volkswagen Argentina S.A. is the Argentine subsidiary of German automotive manufacturing company Volkswagen Group and has locations in the cities of Córdoba and General Pacheco. Overall, the company employs around 7,000 people. The Volkswagen Group also owns a Scania AB plant in Tucumán, where 649 employees manufactures trucks. Volkswagen has been represented in Argentina since 1980 with production sites. In 2010, a total of 135,600 vehicles were delivered. The models are Suran and Amarok, as well as engines and transmissions.

Matthias Gründler German businessman

Matthias Gründler is a German businessman. Since July 2020, he has been Chief Executive Officer of Traton SE. Until May 2018, he was Chief Financial Officer of the company.

References

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