The Volvo Group announced a joint venture agreement with Daimler Truck AG to develop, produce and commercialize fuel-cell systems for use in heavy-duty trucks and other applications. The Volvo Group will acquire 50% of the partnership interests in Daimler Truck Fuel Cell GmbH & Co. KG for approximately $707 million.
- The ambition of both partners is to make the new company a leading global manufacturer of fuel cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050.
- The joint venture will take advantage of the expertise and extensive experience from several decades of development work on fuel cells at Daimler.
The prominent deals and joints ventures by Daimler are mentioned below:
Aug 2020: The leading battery manufacturer and technology company CATL (Contemporary Amperex Technology Co., Limited) and automotive company Mercedes-Benz announced the next stage of their strategic partnership to create cutting-edge battery technology in support of the high-volume electrification of the Mercedes-Benz model portfolio.
July 2020, To fight against the spread of COVID-19, luxury car manufacturer Mercedes-Benz has started operation of a production plant for mouth and nose masks at its Sindelfingen plant, in Germany. The fully automatic production line has a daily capacity of more than 100,000 masks.
July 2020: Mercedes-Benz has announced a strategic partnership with the Chinese battery cell manufacturer Farasis Energy Co., Ltd., including taking an equity stake. This is another important step on its journey towards CO2–neutral mobility.
May 2020: Daimler Truck AG signed an agreement with the British technology group Rolls-Royce plc to cooperate on stationary fuel-cell generators as CO2-neutral emergency power generators for safety-critical facilities such as data centers.
April 2020: 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.
January 2020, Mercedes-Benz AG and Zhejiang Geely Holding Group, the German and Chinese automotive groups, announced that they have formally established the global joint venture smart Automobile Co., Ltd. for the smart brand after receiving the regulatory approvals.
About The 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.
About Daimler AG
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.