Daimler and Volvo will jointly develop hydrogen trucks and busesApril 23, 2020
An agreement between a German automobile concern and a Swedish company will be signed in the third quarter of this year. Daimler and Volvo will jointly develop hydrogen trucks and buses.
More than a year ago, the German concern Daimler and the Chinese auto giant Geely, which includes the Swedish company Volvo, announced the creation of a joint venture with equal shares of ownership. The company will develop and manufacture an all-electric Smart city car.
A few months later, it became known that the German brand was in talks with its Chinese colleagues about a possible expansion of the agreement, which could include the development of new engines. Looking ahead to this day, Volvo and Daimler have officially announced the creation of a new 50:50 joint venture for “the development and large-scale production of fuel cell engines for use in heavy vehicles and other uses.”
The main intention of the new project will be the development, production and sale of fuel cells for heavy vehicles. Moreover, Daimler seeks to “consolidate all of its current developments in the field of creating fuel cells in a joint venture.”
In turn, Volvo will acquire 50% in the joint venture for about $ 652,000
“For trucks capable of handling heavy loads and traveling long distances, fuel cells are one of the important decisions in which Daimler has gained considerable experience over the past two decades. This joint initiative with the Volvo Group is an important milestone in promoting trucks and fuel cell buses to our roads, ”commented Martin Daum, Member of the Board of Daimler.
The new joint venture will operate as an independent company, while Daimler and Volvo will remain competitors in all other areas of the business. New collaboration should create synergies and reduce the cost of developing FCEV systems for harsh environments. “In the context of the current economic downturn, collaboration has become even more necessary,” Daimler explains.
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