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Traton

Traton SE is a multinational and commercial vehicle manufacturer headquartered in , , and a majority-owned of the . It ranks among the world's leading producers of trucks, buses, and related commercial vehicles, operating through four primary brands—Scania, MAN, Navistar (branded as ), and Truck & Bus—while also managing service entities such as TRATON Financial Services, TRATON Charging Solutions, and RIO. With over 105,000 employees across 25 production sites in , , , , and , Traton focuses on sustainable transportation solutions, including electric and connected vehicle technologies, to drive economic growth while prioritizing environmental responsibility. Established in 2015 as Volkswagen Truck & Bus AG to consolidate the Volkswagen Group's commercial vehicle operations—including (acquired in 2008 and fully owned by 2014) and (acquired in 2011)—Traton later acquired in 2021 to expand its global footprint. The company was renamed Traton SE in 2018, adopting the European Company () structure to reflect its international orientation, with headquarters in and key functions also in Södertälje, . Traton's shares have been publicly traded since a partial on the and in 2019, which valued the company at approximately €13.5 billion, with retaining majority ownership. Under the leadership of CEO Christian Levin since 2021, Traton emphasizes innovation in areas like autonomous driving, , and digital logistics platforms, exemplified by its co-founding of Milence in 2021—a with and Group investing €500 million to deploy 1,700 public charging points for electric trucks across by 2027, with the first site operational in Venlo, , in December 2023. The group's brands collectively deliver a wide range of vehicles, from heavy-duty trucks and buses to light-duty commercial vehicles, serving diverse markets including , long-haul , and , while generating annual revenues exceeding €40 billion as of 2023. Traton's commitment to is further demonstrated through initiatives like its organization launched in 2025, integrating expertise across brands to accelerate advancements in zero-emission technologies and practices.

History

Formation and renaming

Traton was established in 2015 as Volkswagen Truck & Bus , when the Supervisory Board of decided to consolidate the group's truck and bus brands under a single entity to enhance brand cooperation, drive innovation, and generate synergies for global expansion in commercial vehicles. This consolidation brought together , , and , forming a unified structure aimed at positioning the unit as a global leader in transportation solutions. On June 20, 2018, Volkswagen Truck & Bus announced its rebranding to Traton SE, with the change taking effect in the third quarter of 2018. The name "Traton" encapsulates key aspects of the company's mission: TRAnsformation of the transport ecosystem, TRAnsportation passion, TRATONage (tonnage moved), TRAdition of strong brands, and being always ON, reflecting a fresh for in a evolving mobility landscape. This renaming supported broader efforts to grant greater autonomy to its operations while preparing for potential capital market engagement. In 2019, Traton initiated preparations for its debut, planning a dual listing on the and using existing shares without raising new capital. The partial occurred in June 2019, with 57.5 million shares (including over-allotments) placed at €27 per share, creating an initial free float of about 11.5%. retained a of approximately 88.5% following the transaction, maintaining control while enhancing Traton's market visibility.

Key acquisitions

Traton's expansion began with the Group's gradual acquisition of , a leading Swedish truck manufacturer. In April 2000, acquired an initial 18.7% stake in Scania following the failure of a prior takeover attempt by . This stake increased over time, reaching approximately 30% by 2007. In March 2008, secured majority control by purchasing an additional stake from , the holding company, for approximately €2.88 billion (27 billion Swedish kronor), elevating its ownership to about 70% of voting rights. Full ownership was achieved in 2014 when launched a public offer for the remaining shares, acquiring the outstanding 37.3% for €6.7 billion at SEK 200 per share, thereby consolidating Scania under the group's truck division, which later became Traton. The acquisition of followed a similar phased approach. Volkswagen entered with a 15.06% minority stake in MAN AG on October 3, 2006, valued at around €1.47 billion, positioning itself as the largest shareholder without immediate takeover intentions. By May 2011, after increasing its holding to over 30%, Volkswagen launched a mandatory public offer for the remaining shares at €95 per ordinary share and €59.90 per preference share, valuing the entire company at €13.7 billion. This resulted in Volkswagen obtaining a 55.4% majority stake by July 2011, with full integration into the truck operations completed by November 2011, including MAN's bus and diesel engine divisions. A profit and loss transfer agreement was finalized in 2013 to streamline operations. In a move to strengthen its North American presence, Traton announced the acquisition of in January 2020, offering $35 per share initially. The deal was revised upward to $44.50 per share in October 2020 to gain shareholder approval, valuing Navistar at approximately $3.7 billion (€3.1 billion at the time). The transaction received regulatory approvals and was completed on July 1, 2021, making Navistar a wholly owned and integrating its brand trucks, U.S. manufacturing facilities, and aftermarket services into Traton's . This marked Traton's first major acquisition post its 2018 rebranding from Volkswagen Truck & Bus. These acquisitions formed the core of Traton's to create a diversified global truck manufacturer capable of rivaling industry leaders and Group. By combining Scania's premium heavy-duty expertise, MAN's mid-range capabilities, and Navistar's North American market access, Traton aimed to achieve , enhanced R&D synergies, and broader geographic coverage in both established and emerging markets.

Recent developments

On July 1, 2025, the TRATON GROUP launched its joint Group (R&D) organization, uniting approximately 9,000 employees from its brands—Scania, , Navistar International, and Truck & Bus—under a single umbrella to streamline innovation efforts. This initiative, led by Executive Board member Niklas Klingenberg, focuses on advancing and autonomous technologies through the TRATON Modular , enabling efficient development of shared components across brands while preserving individual brand identities. The structure collaborates with an additional 3,000 brand-specific R&D staff to accelerate sustainable transportation solutions and reduce development redundancies. In the first nine months of 2025, TRATON reported a 7% increase in incoming orders to 202,100 vehicles compared to the same period in , driven by growth in trucks (+9%) and (+24%), though buses saw an 18% decline. Unit sales, however, decreased by 9% to 224,500 vehicles, reflecting a challenging with a 14% drop in truck sales offset by gains in buses (+23%) and (+18%). These trends underscore TRATON's resilience amid global economic pressures, with the company adjusting its full-year outlook to anticipate unit sales between -10% and 0%. TRATON has expanded its focus on sustainable logistics since 2022, developing battery-electric truck prototypes and advancing toward series production, such as the e-Delivery model introduced in South America. The group has also invested in hydrogen technologies, including prototypes for fuel cell and combustion engines suited to long-haul applications, as part of a broader €2.1 billion commitment to electrification and alternative powertrains by 2029. In October 2025, TRATON launched a Green Finance Framework to support financing for battery-electric commercial vehicles, further integrating sustainability into its logistics operations. On November 11, 2025, TRATON and partners launched the e-Dutra corridor, Brazil's first zero-emissions freight route between Rio de Janeiro and São Paulo, deploying electric trucks to decarbonize heavy-duty transport along the Dutra Highway. Volkswagen AG, TRATON's majority shareholder, continued stake adjustments in 2024 and 2025, selling a 2.2% stake (11 million shares) in March 2025 for approximately €360 million to enhance liquidity and increase free float. Discussions in early 2025 outlined plans for further partial divestitures, aiming to reduce 's ownership from around 89.7% to 75% plus one share in the medium term, building on prior acquisitions like that have supported TRATON's global scaling.

Corporate structure

Ownership and governance

Traton SE is majority-owned by the , which holds approximately 87.5% of its shares as of March 2025, following a sale of a 2.2% stake that reduced the direct interest from 89.7%. This ownership structure stems from post-IPO dilutions since Traton's public listing in 2019 and 2021, with the remaining shares held by public investors and institutions. As a (SE), Traton operates as a headquartered at Hanauer Str. 26 in , . The company is governed by a dual-board system typical of German stock corporations, consisting of an Executive Board responsible for day-to-day management and a that oversees strategic decisions and appoints executives. The , chaired by since 2019, includes representatives from , employee councils, and independent members to ensure balanced oversight. The Executive Board, led by Chairman and CEO Christian Levin since October 2021, comprises seven members as of late 2025, focusing on key areas such as brands, , and research. Levin, who also serves as CEO of , directs overall strategy, while other members include Dr. Michael Jackstein (, Business Development, and since April 2023), Catharina Modahl Nilsson (Product Management since April 2023), Niklas Klingenberg (Research & Development since January 2025), Alexander Vlaskamp (CEO of since November 2021), Mathias Carlbaum (CEO of International since October 2021), and Antonio Roberto Cortes (CEO of Volkswagen Truck & Bus). This composition emphasizes integration across brands and functional expertise in innovation and operations. Traton SE, listed on the and , adheres to stringent reporting requirements, including quarterly financial disclosures to maintain transparency for shareholders and . These reports detail performance metrics, risks, and governance updates, aligning with European and international standards.

Integration with Volkswagen Group

Traton was established in 2015 as Volkswagen Truck & Bus GmbH, a wholly owned subsidiary of Volkswagen AG, to consolidate the group's commercial vehicle operations, including the brands MAN, Scania, and Volkswagen Caminhões e Ônibus. In 2018, the entity was rebranded as Traton SE, reflecting its role as a dedicated holding company for heavy-duty trucks and buses within the Volkswagen ecosystem. Following its initial public offering in June 2019, where Volkswagen sold approximately 11.5% of shares on the Frankfurt Stock Exchange and Nasdaq Stockholm, Traton gained partial financial independence while Volkswagen retained a majority stake of around 88%. This structure allows Traton to operate with greater strategic flexibility, though it remains closely aligned with Volkswagen's overarching governance. Within the Volkswagen Group, Traton benefits from shared resources that enhance efficiency and innovation in commercial vehicles. It accesses Volkswagen's advanced powertrain technologies, such as the modular 13-liter engine platform initially developed by and adapted across brands like for improved and emissions compliance. synergies are realized through joint initiatives, enabling cost reductions and standardized components across the group's global network of over 25 production sites. Additionally, Traton leverages Volkswagen's worldwide R&D facilities, including collaborative efforts on and platforms, to accelerate development without duplicating passenger car-focused . Traton maintains significant autonomy in its commercial vehicle segment, distinct from Volkswagen's passenger car divisions, allowing specialized focus on trucks, buses, and related services. This separation supports tailored strategies for heavy-duty applications, such as autonomous driving and sustainable logistics, while benefiting from group-wide support. Collaborative initiatives further exemplify this integration, notably the longstanding partnership with Sinotruk (CNHTC), which began in and expanded in through a to localize MAN heavy-duty trucks for the Chinese market, combining local production expertise with Volkswagen-derived technology.

Organizational changes

In 2025, Traton centralized its efforts by establishing the TRATON Group organization, operational from July 1, which consolidated approximately 9,000 engineers from the , , , and Truck & Bus brands under a unified structure to enhance collaboration and efficiency. This , headquartered in and led by Niklas Klingenberg, works alongside about 3,000 brand-specific R&D staff to leverage the TRATON Modular System for optimized product development. Following the 2021 merger, Traton advanced the integration of Navistar's U.S. operations during 2022 and , focusing on aligning processes across North American sites to foster group-wide synergies. Key aspects included the adoption of shared platforms, such as the TRATON Modular System for standardized product interfaces, which supported seamless collaboration in engineering and production at facilities like those in . In 2023, Traton restructured its sustainability initiatives by forming TRATON Charging Solutions, a dedicated service entity aimed at accelerating the of commercial vehicles through expanded across European and global sites. This division collaborates with partners like the Milence to deploy at least 1,700 charging points by 2027, starting with the first site in , , in December 2023. As of late 2024, Traton employed approximately 105,000 people worldwide, with major operational hubs in (headquarters and ), (), and (Navistar International). These changes, enabled by Traton's integration within the , have streamlined internal operations to support long-term efficiency and adaptability.

Brands and subsidiaries

Scania

Scania, a Swedish-based manufacturer founded in 1891 as the Södertälje Mechanical Workshop, specializes in heavy trucks, buses, and engines, establishing itself as a premium brand within the TRATON GROUP. Renowned for its philosophy, which enables extensive customization and efficient production, Scania has built a reputation for high-performance vehicles, particularly its iconic V8 engines that deliver superior power and torque for demanding applications. This approach emphasizes durability, fuel efficiency, and driver comfort, positioning Scania as a leader in solutions. The company's product lineup centers on versatile heavy-duty trucks, including the R-series for premium long-haul operations, which offers class-leading comfort, visibility, and through advanced and powertrains. Complementing this is the S-series, designed for supreme long-haul comfort with features like a flat-floor cab, spacious interiors, and extended storage to enhance driver well-being on extended routes. In the bus segment, provides city buses such as the Citywide series for urban environments, optimized for low-floor access and high passenger capacity, alongside intercity models like the Touring range for reliable coach services on highways. Additionally, 's engine portfolio extends to and , ranging from 220 to 1,150 hp for commercial vessels, and industrial engines from 275 to 770 hp for power generation and off-road machinery, all emphasizing modular integration and emissions compliance. remains a core strength, allowing operators to tailor vehicles with specific cab configurations, axle setups, and power options to match operational needs. Scania maintains a robust global presence with production facilities in key regions, including its headquarters and primary plant in , , for European markets; a major site in [São Bernardo do Campo](/page/São Bernardo do Campo), , serving ; and assembly operations in to support Asian growth. These sites produce trucks, buses, and engines tailored to regional standards, contributing to sales in over 100 countries where Scania holds strong market positions, particularly in for long-haul trucking and in for construction and mining applications. Within the TRATON GROUP, benefits from synergies with sister brand , sharing more than 80% of engine components through a introduced in the to enhance cost efficiency and accelerate development across brands. This collaboration, stemming from Group's full acquisition of Scania in 2014, optimizes supply chains and innovation without compromising Scania's premium positioning.

MAN Truck & Bus

is a German manufacturer of commercial vehicles with roots tracing back to the St. Antony Ironworks in , founded in 1758 as one of the first companies in the region. The company began truck production in 1915 through a joint venture with Saurer in Lindau, marking the start of its focus on commercial vehicles, though its engineering heritage dates to earlier mergers forming Maschinenfabrik Augsburg-Nürnberg in 1908. Following Volkswagen's acquisition of a majority stake in 2009, MAN was integrated into what became Traton SE, enhancing its position within a global commercial vehicle group. Today, MAN Truck & Bus employs around 33,000 people worldwide and specializes in trucks, buses, and engines known for durability and efficiency. The product lineup includes the TGX and TGS truck series, designed for long-haul and heavy-duty applications with gross vehicle weights up to 44 tonnes, emphasizing reliability through robust chassis and advanced drivetrains. These trucks are powered by D20 and D26 inline-six diesel engines, offering outputs from 330 to 640 horsepower while prioritizing fuel efficiency via technologies like efficient combustion and . In the bus segment, the Lion's City series provides urban and intercity solutions, with models supporting up to 100 passengers and featuring low-floor designs for accessibility. MAN's engines, including the D20 and D26 variants, are also supplied to other Traton brands, underscoring their versatility in commercial applications. MAN operates production facilities in key locations, including its headquarters and main plant in , , which produces up to 100 vehicles daily across drivetrains. The Krakow plant in serves as a high-volume site for the full portfolio, supporting demand with expanded since 2023. In , the Resende facility manufactures and buses tailored to Latin American markets, leveraging modular production for efficiency. The company maintains a strong presence in , where it holds significant , as well as in and through sales networks and localized assembly. A distinctive feature of is its extensive bus division, which accounts for a substantial portion of its portfolio and includes advanced electric models like the Lion's City E. This fully electric city bus offers a range of up to 380 kilometers on a single charge, using modular systems and to achieve zero emissions and low operating costs. For the 2025 model year, the Lion's City E features a new lithium-ion NMC generation with up to 445 kWh capacity, enhancing range and supporting faster charging. Deployed in urban fleets across , such as in and , the Lion's City E supports sustainable initiatives with fast-charging capabilities and a lifespan exceeding 1 million kilometers.

Navistar International

Navistar International, originally established in 1902 as , underwent a significant in 1986 to focus exclusively on commercial vehicles and engines following the divestiture of its agricultural division. This transformation positioned Navistar as a key player in the North American truck and bus market. In July 2021, Traton GROUP completed its acquisition of for approximately $3.7 billion, integrating it as a wholly owned and enhancing Traton's presence in the U.S. heavy-duty vehicle sector. The merger, finalized on July 1, 2021, allowed to leverage Traton's global resources while maintaining its operational independence. Navistar's product lineup emphasizes heavy-duty and severe-duty vehicles tailored for demanding applications, including the HX and series trucks designed for , , and off-road use. The HX Series, available in set-forward (HX520) and set-back (HX620) axle configurations, offers up to 605 horsepower and 2,050 lb-ft of torque with X15 engines, prioritizing durability in extreme conditions. Complementing these are the Series trucks, engineered for job-site maneuverability with integrated powertrains like the S13 engine for extended uptime. Navistar also produces school and commercial buses, such as the CE Series, which accommodate up to 83 passengers and incorporate advanced safety features like collision mitigation. Additionally, Navistar offers diesel engines such as the X15 (up to 605 hp) for heavy-duty applications and the S13 integrated powertrain (up to 515 hp, 1,850 lb-ft torque), emphasizing reliability and efficiency. These products underscore Navistar's strength in severe-duty segments, where reliability in harsh environments is paramount. Headquartered in , since 2011, Navistar maintains a focused global footprint with manufacturing plants in , for truck assembly, and Escobedo, Mexico, for cab and chassis production, supporting efficient supply chains. The Springfield facility handles medium- and heavy-duty truck builds, while Escobedo produces components for North American markets. Sales are concentrated in , where over a million Navistar trucks and buses operate, driving the region's commercial transportation needs. This U.S.-centric approach aligns with Traton's strategy to bolster its North American market share through Navistar's established dealer network and customer base. Following the 2021 acquisition, accelerated its electrification efforts, launching the fully electric Series medium-duty trucks in August 2021, with production starting at the Escobedo plant. Featuring 335 horsepower, a 135-mile range, and a 210 kWh , the eMV supports vocational applications like and utilities, with initial deliveries to fleets such as in 2023. In April 2025, introduced the eRH Series heavy-duty electric trucks, available in 4x2 and 6x4 configurations with up to 300 miles range, targeting vocational and regional haul applications. This initiative, enhanced by Traton's e-mobility expertise, positions to meet growing demand for zero-emission vehicles in .

Volkswagen Truck & Bus

Volkswagen Truck & Bus (VWTB), originally established as , began operations in in 1981 following the Group's acquisition of former facilities, marking the introduction of the first Volkswagen-branded trucks outside . The division was integrated into the newly formed Traton Group in 2015 as part of , which later rebranded to Traton SE in 2018, positioning VWTB as a key brand focused on commercial vehicles for emerging markets. Primarily producing light- and medium-duty trucks alongside buses, VWTB emphasizes durable, cost-effective solutions tailored to the demands of developing economies, including rugged terrains and variable infrastructure. The product lineup includes the Delivery series for light-duty urban delivery and distribution tasks, the Constellation range for medium- to heavy-duty applications such as long-haul transport, and the Volksbus family encompassing urban, intercity, touring, and chassis. These vehicles incorporate modular designs and fuel-efficient engines adapted for regions with limited service networks and high operational costs, such as enhanced rust protection for humid climates and simplified maintenance features. VWTB has also pioneered electric mobility in its segment with the e-Delivery , launched in serial production in 2021, targeting sustainable in Latin American cities. Operations are centered at the Resende plant in Rio de Janeiro state, , which opened in and serves as the primary manufacturing hub with a modular model involving supplier partnerships for . Additional facilities include a plant in established in 2004 for regional production and a new in operational since 2024, enabling exports to over 30 countries across , , and through a network of more than 350 dealers. In 2024, VWTB achieved a record in semi-knocked-down (SKD) unit production, underscoring its expanding international footprint while maintaining a strong domestic focus in . Within the Traton Group, VWTB plays a strategic role by offering accessible entry-level commercial vehicles that address the needs of small- to medium-sized fleets in growth markets, thereby complementing the heavier-duty, premium-oriented portfolios of sister brands like and . This positioning supports Traton's overall goal of diversified global coverage, with VWTB contributing innovations in and digital services to enhance efficiency in underserved regions.

Services and operations

Financial services

Traton Financial Services, established in 2023 as the integrated captive finance arm of the Traton Group, consolidates and expands upon the financial operations previously managed by individual brands such as Scania and MAN. Headquartered in Munich, Germany, it operates as TRATON Financial Services GmbH and focuses on delivering comprehensive financial solutions tailored to the commercial vehicle sector, including leasing, loans, and insurance products designed to facilitate vehicle acquisitions and fleet management for customers worldwide. This structure enables seamless multi-brand support, drawing on over 35 years of experience from legacy operations to offer customer-centric financing that aligns with Traton's sustainability and digital transformation goals. The core offerings encompass retail financing for end-users seeking personalized purchase or leasing options, wholesale financing to support dealer inventories, and programs that leverage vehicle collateral for flexible funding. These services are specifically adapted for trucks and buses across Traton's , including features like modular contracts that integrate , , and residual value guarantees to reduce customer risk and enhance management. Insurance solutions cover comprehensive protection against damage, theft, and operational disruptions, often bundled with financing to provide end-to-end support for commercial fleets. By July 2025, Traton Financial Services had completed the rollout of this integrated platform across 14 , enabling standardized yet localized product delivery. With a global footprint spanning 67 countries, maintains operations in , the , and , leveraging subsidiaries and strategic partnerships with local banks to navigate regulatory and market-specific requirements. In , it dominates through established entities like in and MAN Financial Services in ; in the , it supports and via U.S.-based retail operations launched in late ; and in , collaborations facilitate entry into high-growth markets like . These partnerships ensure competitive terms and broad accessibility, particularly for small and medium-sized enterprises in emerging regions. As of the third quarter of , Traton managed total assets of €19.2 billion, reflecting robust portfolio growth and its role in bolstering Traton Group's overall sales by financing a substantial portion of transactions. This asset base, primarily composed of receivables from leasing and loans, generated €1,932 million in sales revenue for the full year , marking a 22% increase from the prior year and underscoring its contribution to the group's financial stability amid volatile market conditions.

Digital platforms

Traton's digital platforms center on the ecosystem, a cloud-based solution designed to enhance connectivity and efficiency across the transportation and sector. Launched in 2017, RIO serves as an that connects vehicles, fleets, and stakeholders, enabling seamless data exchange independent of manufacturer. It integrates data from trucks to support real-time operations and decision-making. Key features of RIO include fleet management software for monitoring vehicle performance and driver behavior, predictive maintenance tools that use data analytics to anticipate component failures and reduce downtime, and route optimization capabilities that leverage IoT and cloud computing to improve logistics planning and fuel efficiency. The platform unifies these services across all Traton brands—Scania, MAN, Navistar, and Volkswagen Truck & Bus—allowing mixed-fleet operators to access standardized tools via a single interface. By August 2025, had connected over 1.15 million vehicles worldwide, generating vast datasets for enhanced fleet insights and operational . This expansion has positioned as a core enabler of Traton's , with data from connected trucks informing global transport trends and efficiency gains. Complementing the core RIO platform are brand-specific extensions, such as , which provides tailored integration for Scania vehicles to track positions and service needs on the RIO map, and , offering digital services like remote diagnostics and efficiency reporting through the RIO Box hardware standard in MAN trucks. These services extend RIO's functionality while maintaining compatibility across the Traton portfolio.

Research and development

In July 2025, the TRATON GROUP established a centralized Group Research and Development (R&D) organization, integrating efforts across its brands to enhance collaboration and efficiency in innovation. This structure unites approximately 9,000 engineers and specialists from Scania, MAN, Navistar International, and Volkswagen Truck & Bus, focusing on shared technologies for commercial vehicles. Recent organizational changes within the Volkswagen Group have facilitated this centralization, streamlining R&D operations. TRATON's R&D prioritizes and alternative powertrains to address challenges in heavy-duty . Key efforts include the development of battery-electric trucks, such as Scania's new series of battery-electric models launched in serial production in June 2024, offering up to 560 km range on a single charge for applications like distribution and construction. In , has advanced prototypes featuring a 16.8-liter hydrogen delivering over 500 hp, with testing ongoing since 2021 and plans for limited series production in 2025. Additionally, autonomous driving initiatives encompass Level 4 pilots, including public road testing and fleet trials in starting in 2025, in partnership with PlusAI for hub-to-hub operations on and vehicles. Major R&D facilities support these initiatives, including the headquarters in , , for group-level coordination; Scania's center in , , focused on powertrain and vehicle integration; and Navistar's hub in , , emphasizing North American autonomy and electrification testing. TRATON collaborates closely with the on powertrain technologies, sharing advancements in electric and systems to accelerate development across brands. Sustainability is integral to TRATON's R&D strategy, with goals including net CO₂-neutral by 2030 and 50% of sales being zero-emission by the same year, progressing toward fully fuel-free sales from 2040. These targets drive investments, such as €2.6 billion allocated to e-mobility R&D by 2026, emphasizing systems and charging infrastructure.

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