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Volvo and Daimler tie up to develop fuel cell for trucks

Reuters
Updated ·1 min read

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 (24.26 million pounds) on a cash and debt free basis.

The deal was preliminary and non-binding it added.

(Reporting by Simon Johnson; editing by Niklas Pollard)