Volkswagen is selling 51 percent of its shares in the Augsburg-based industrial and hydrogen company MAN. This means the group is giving up control over a strategically important technology division.
The sale concerns Everllence, a remnant of the technology group MAN. It was once a technology leader in areas such as marine diesels and was acquired by Volkswagen in 2021.
The five German locations are to be maintained at least until the end of 2030.
The move comes at a time when Volkswagen needs capital.
