- Volvo will acquire 50 percent in the joint venture for around 0.6 billion Euros.
- Deal is expected to be finalised by the third quarter of 2020.
Daimler and Volvo have agreed to put together their knowhow to develop, produce and sell fuel-cell powertrains for heavy-duty vehicles.
Although too early to speculate, it seems that the coronavirus situation is influencing industry think-tanks to consolidate their business ideas to prevent drop in profits. Through this, global auto makers are exploring new means of sharing costs. Especially, when it comes to implementing new technologies for the masses.
Both companies were quoted telling reporters that the common goal is to offer heavy-duty vehicles with fuel cells for demanding long-haul applications in series production, in the second half of the decade. Joining forces will decrease development costs for both companies and accelerate the market introduction of fuel cell systems.
For all you know, if this partnership between Daimler and Volvo prospers, we may just about see the benefits trickle down to their passenger cars too. Stay tuned to CarWale for more information.
