StreetScooter drops VW

Volkswagen previously wanted to take over the Post subsidiary StreetScooter. Discussions began taking place at the beginning of 2017 but ultimately failed due to different price expectations. As is well known, the German Post does not aim to be a vehicle manufacturer in the long run.

According to insiders, there was a “concrete agreement” with former boss Matthias Müller, according to which Volkswagen would have initially taken over 50 per cent of the shares for a price of 300 to 400 million euros. The agreement was tied to the prospect of a complete takeover later on at the same price. Post CEO Frank Appel rejected the offer with reference to the purchase price, which was too low, in his opinion.

According to the report, the search for strategic partners or other scenarios for the e-transporter from Aachen has been difficult ever since. Daimler has no interest, Ford wants to continue its cooperation, but does not want to participate in any other way. Even with investors from Saudi Arabia, the StreetScooter does not seem to ignite, so that the German Post is now placing its hopes on major suppliers such as Magna or ZF, according to “Manager Magazin”. Does Appel regret the rejected Volkswagen offer today? Well possible.

In the past year 2018, StreetScooter produced a good 10,000 e-transporters, although the Post subsidiary is far from being in the black. About half a year ago, Appel told the “FAZ” that the German Post’s innovation department, which manages the StreetScooter, should be profitable starting in 2020. At the same time, however, he reiterated that the German Post did not want to be a car manufacturer in the long run. The search for future solutions will, therefore, continue at full speed.

automobilwoche.de, manager-magazin.de (Paywall, both in German)