Volvo and the truck division of Daimler have
agreed to set up a joint venture to develop and
produce fuel cell systems for heavy vehicles, the
Swedish and German companies said Tuesday.
The two firms said that they will be equal
partners in the new enterprise. Daimler Truck
will put all its current fuel cell activities into the
joint venture, and the Volvo Group will buy a
50% stake in the venture for around 600 million
euros ($652 million).
The joint venture will be independent and
autonomous, with Daimler Truck and Volvo
continuing to compete in all other business
areas, the companies said. They hope
that joining forces on fuel cells will lower
development costs and bring forward the
introduction of fuel cells for heavy transport.