Daimler today (2nd Nov) said it has signed a binding agreement with Volvo Group for the previously announced joint venture to develop, produce and sell fuel cell systems for heavy-duty vehicles.
The German truck maker and its Swedish competitor want to start with customer tests of trucks with fuel cells in about three years and to be in production during the second half of the decade.
Volvo will acquire 50% of the joint venture, Daimler Truck Fuel Cell, for around €0.6bn, meaning the two companies will own equal interests.
Volvo and Daimler will continue to be competitors in all other areas such as vehicle technology and fuel cell integration in trucks, the two companies said.
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