April 21, 2020 / 6:26 AM / a month ago

Volvo and Daimler tie up to develop fuel cell for trucks

FILE PHOTO: The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo

STOCKHOLM (Reuters) - Swedish truck maker Volvo (VOLVb.ST) said on Tuesday it had signed a deal with German rival Daimler (DAIGn.DE) to set up a joint venture to develop and produce fuel cell systems for heavy-duty vehicles.

Daimler will consolidate all its current fuel cell activities in the joint venture. Volvo said in a statement it will acquire 50% in the joint venture for the sum of approximately 600 million euros ($650.34 million) on a cash and debt free basis.

The deal was preliminary and non-binding it added.

Reporting by Simon Johnson; editing by Niklas Pollard

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below