The leading commercial vehicles firm the Volvo Group and Isuzu Motors signed binding agreements to form a strategic alliance within commercial vehicle segments. The two companies have signed an Alliance Framework Agreement for a minimum duration of 20 years.
- The partnership will take up the possibilities and challenges of the logistics industry of the future, maximizing value and benefits for customers as well as for society
- There is great complementarity between the Volvo Group and Isuzu Motors from both a geographical- and product line perspective.
- Earlier Isuzu Motor’s has signed an agreement for the acquisition of UD Trucks from the Volvo Group for an enterprise value of $2.2 billion. The transaction is subject to certain conditions, including approval from regulatory authorities.
The prominent deals and agreements by Volvo Group are featured below:
July 2020: Volvo Cars has announced an investment in Circulor a blockchain technology firm through the Volvo Cars Tech Fund. The investment will boost the traceability of cobalt used in the batteries of its electric cars.
June 2020: Volvo Car Group, including its strategic affiliates Polestar and Lynk & Co. International, announced a strategic partnership with Waymo, a world leader in fully self-driving technology development.
April 2020: 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.
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).
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.