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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/22 03:58:01 pm
138 EUR   +0.67%
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Volkswagen Trucking Business Invests in Self-Driving Truck Developer TuSimple

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09/23/2020 | 03:17am EDT

By Allison Prang

Volkswagen AG trucking subsidiary Traton Group will work with automation startup TuSimple to develop self-driving trucks and will take a stake in the technology company as part of their agreement.

Traton said in announcing the deal on Wednesday it aims to begin testing autonomous heavy-duty trucks on roads in countries including Germany and Sweden, without providing a target date.

The agreement with Germany-based Traton marks TuSimple's first move into Europe. It follows a similar agreement TuSimple struck in July with Navistar International Corp. to jointly develop self-driving trucks, with the U.S. truck manufacturer also taking a minority stake in the startup.

Traton, whose truck brands include Scania AB and MAN SE, holds about 17% of the shares in Navistar and is seeking to acquire the Lisle, Ill.-based manufacturer.

Traton and TuSimple didn't disclose the size of the stake the European manufacturer is taking in the company. TuSimple earlier this year raised $215 million in an extended Series D funding round, with investors including United Parcel Service Inc. through its UPS Ventures investment arm.

Founded in 2015 and with offices in San Diego and in China, TuSimple has a fleet of more than three-dozen trucks in commercial service in the U.S. Southwest that use autonomous technology but have a human operator behind the wheel. The company has said it aims to pilot a completely self-driving service in 2021.

"Our partnership with [Traton] accelerates the introduction of autonomous truck technology to new international markets," TuSimple President Cheng Lu said.

The Traton-TuSimple agreement comes amid growing interest in automation technology in transportation, which backers believe will cut costs and improve efficiency in freight networks.

TuSimple rival Ike Robotics said earlier this month that it was working with several operators, including Ryder System Inc. and German logistics giant Deutsche Post AG, on installing truck automation technology.

Write to Allison Prang at allison.prang@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE POST AG -0.54% 40.8 Delayed Quote.20.61%
MAN SE 0.88% 40 Delayed Quote.-8.22%
NAVISTAR INTERNATIONAL CORPORATION -0.35% 43.13 Delayed Quote.49.03%
RYDER SYSTEM, INC. 2.64% 51.3 Delayed Quote.-7.97%
VOLKSWAGEN AG 0.38% 137.6 Delayed Quote.-22.22%
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Financials
Sales 2020 216 B 255 B 255 B
Net income 2020 4 250 M 5 022 M 5 022 M
Net cash 2020 19 702 M 23 281 M 23 281 M
P/E ratio 2020 16,7x
Yield 2020 1,78%
Capitalization 71 261 M 84 303 M 84 207 M
EV / Sales 2020 0,24x
EV / Sales 2021 0,20x
Nbr of Employees 664 717
Free-Float 57,0%
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Technical analysis trends VOLKSWAGEN AG
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 166,30 €
Last Close Price 137,08 €
Spread / Highest target 76,5%
Spread / Average Target 21,3%
Spread / Lowest Target -21,8%
EPS Revisions
Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
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