Global truck manufacturers Daimler Truck AG and Volvo Group have reached a preliminary agreement on a joint venture to develop, produce and commercialize fuel cell systems in heavy-duty vehicles by the second half of the decade.
The joint venture will operate as an independent and autonomous entity, with Daimler and Volvo continuing to be competitors in all other areas of business. Daimler will consolidate all of its current fuel cell activities in the joint venture, and Volvo Group will acquire 50% in the joint venture for $650 million.
