Volkswagen Group finance chief Frank Witter explains why the world's largest automaker is determined to turn VW Truck & Bus into a global champion. The CFO also told Automotive News Europe Correspondent Christiaan Hetzner why he believes that just because something is legal that doesn't mean it is the right thing to do.
You oversee the asset review that is part of Volkswagen Group's 2025 strategy. Why did VW recently give the impression that the group would dispose of assets that account for a fifth of group revenue?
That figure came out of a very general discussion about the overall relation of core to non-core business across a range of industries and sectors. If you look at a typical company, at least 80 percent is considered core and then there are peripheral activities that make up another 20 percent, roughly speaking. This didn't specifically refer to Volkswagen.
Why does VW think it is necessary to consider an initial public offering for its trucks business?
Our priority is to create a global champion. That's where our focus lies. We're pushing very hard to leverage synergies between MAN and Scania -- particularly in the area of powertrain, because that is where the money is. But we also have said for the past two years that we do not rule out the strategic option of an IPO for Volkswagen Truck & Bus.