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IC Bus parent company Navistar and Volkswagen Truck & Bus gain regulatory approvals and finalize agreements for their wide-ranging alliance.
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The new funding, for projects to reduce NOx, is in addition to the $2.7 billion already required of Volkswagen for the environmental mitigation trust.
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Part of the deal is $2.7 billion for a mitigation trust, which will fund emission reduction projects that can include school buses.
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The mitigation trust fund can be used to support the replacementor repowering of diesel-powered vehicles, including school buses.
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Volkswagen Truck & Bus will take a 16.6% stake in Navistar, parent company of school bus manufacturer IC Bus. The alliance includes technology collaboration and a procurement joint venture.
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