The worlds leading commercial vehicle manufacturer Volvo Group announced an agreement to establish a new joint venture with Daimler Truck AG to develop, produce and commercialize fuel cell systems for heavy-duty vehicle and other applications.
The 50/50 joint venture will operate as an independent and autonomous entity. Daimler will consolidate all its current fuel cell activities in the joint venture entity. The common goal of JV is to produce heavy-duty vehicles with fuel cells for demanding long-haul applications in series production in the second half of the decade.
The prominent deals and agreements by Volvo Group are featured below:
- December 2019: The Volvo Group, had signed a non-binding Memorandum of Understanding with Isuzu Motors to form a strategic alliance for the transformation of commercial vehicles and to capture new opportunities. Volvo plans to establish a global technology partnership and to create a stronger, combined heavy-duty truck business with Isuzu Motors in Japan and across international markets.
- December 2019: Volvo Group Venture Capital invested in Autotech Ventures, a leading venture capital firm located in Silicon Valley. Autotech Ventures focuses on the ground transportation sector, mainly on autonomous, connected, electrified vehicles and related mobility services.
- December 2019: Volvo Group Venture Capital invested in Apex.AI software for autonomous mobility. California based Apex.AI, is building an automotive-grade version of ROS (Robot Operating System).
- November 2019: Volvo Buses had received Europes largest single order for electric buses. Volvo will deliver 157 electric articulated buses to Transdev starting in 2020.
- July 2019: Volvo Group entered into a strategic alliance with Samsung SDI to develop battery packs for Volvo Groups electric trucks.
Daimler AG, headquartered in Stuttgart, Germany, is one of the largest global producers of premium cars and other commercial vehicles. The company has a workforce of approximately 298,700 people worldwide, with production facilities in Europe, North and South America, Asia, and Africa region. The companys brand portfolio includes, premium automotive brand -Mercedes-Benz as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Western Star, BharatBenz, FUSO, Freightliner, Setra and Thomas Built Buses, and Daimler Mobility brands: Mercedes-Benz Bank, Daimler Truck Financial, Athlon. Daimler AG also provides insurance and financial services.
About Volvo Group
The Volvo Group headquartered in Gothenburg, Sweden, is a leading manufacturer of buses, trucks, construction equipment, and marine and industrial engines. The company employs more than 100,000 people worldwide and has production facilities in 18 countries. Volvo sells its products in around 190 markets worldwide. The Volvo brand portfolio consists of Volvo, Volvo Penta, UD, Terex Trucks, Renault Trucks, Prevost, Nova bus, Mack and Arquus. Volvo Group partners include SDLG, Eicher and Dongfeng brands. The company also provides complete solutions for financing and services.