CCJ Daily Dispatch, Nov. 2: Volvo, Daimler form partnership for fuel cell development
Summary
As part of the agreement, Volvo will acquire 50% stake in Daimler Truck Fuel Cell GmbH for more than $698 million on a cash and debt-free basis. Based on the demanding conditions in heavy-duty truck applications, the joint venture’s products are also ideally suited for other use cases such as stationary power generation. Both companies’ goal is to start with customer tests of trucks with fuel cells in about three years and to be in series production during the second half of this decade. Volvo and Daimler will own equal interests in the joint venture, but will continue to be competitors in all other areas such as vehicle technology and fuel cell integration in trucks. The recall affects approximately 8,456 trucks, according to National Highway Traffic Safety Administration documents.