By The editorial team, May 18, 2020
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Volvo Group and Daimler Truck AG, the two world leaders in industrial vehicles, have decided to join forces in a 50/50 joint venture to develop, produce and market fuel cells for trucks, but also for others types of applications.
The investments to achieve carbon neutrality by 2050 being colossal, the two groups decided to come together to pool their respective know-how. This new company intends to operate “independently and autonomously”, the parent companies of Mercedes-Benz Trucks, Volvo Trucks and Renault Trucks (among others) remaining competitive in other areas.
The objective is to offer series, from the second half of the decade, heavy industrial vehicles equipped with fuel cells for demanding applications over long distances. To launch this joint venture Daimler Trucks wishes to combine all of its fuel cell activities in a new unit, Daimler Truck fuel cell, Volvo Group investing 600 million euros in cash to acquire half of this non-binding joint venture. A final agreement is expected to be reached by the end of the year.
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