Volkswagen selling Everllence stake for $8.4 billion

Zoom in: Germany-based Everllence focuses on heavy-diesel engines, but also makes large heat pumps and carbon capture and storage solutions.

• Other bidders reportedly included CVC Capital Partners and EQT.

The bottom line: VW is getting clobbered by Chinese competitors while dealing with tariffs and other macroeconomic factors. So it really needs to streamline its business to fund the transition to electric vehicles and software that will make it more competitive.