Per a Reuters news, Navistar International Corporation (NAV - Free Report) and German auto major Volkswagen AG (VLKAY - Free Report) and collaborated on the introduction of an electric medium-duty truck in North America by late 2019. Also, the partnership has planned to develop a common technology platform to integrate trucks with the Internet. The partnership has plans to finally connect 650,000 vehicles, and set up a common marketplace for app developers.
Notably, Volkswagen had inked a deal to acquire a 16.6% stake in the Illinois-based manufacturer and marketer of International brand commercial and military trucks, last year. The two companies began partnering early this year. It has also been reported that the two companies will work together on diesel powertrains. This partnership will result in an estimated cost savings of $500 million over the next five years.
Presently, vehicle makers are facing challenges in producing electric trucks that deliver competitive payload capacity and matches or beats the cost of diesel-powered vehicles. Moreover, in order to reduce or eliminate pollution from diesel engines in big cities, commercial truck makers are investing in electrification.
Two other companies in the auto space worth looking at are Toyota Motor Corp Ltd. (TM - Free Report) and Allison Holdings, Inc. (ALSN - Free Report) .
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