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Daimler, Volvo and Traton plan $600 million truck-charging JV

imageStock Markets20 minutes ago (Jul 05, 2021 02:30AM ET)

(C) Reuters. FILE PHOTO: Daimler AG’s FUSO Super Great truck is pictured at the 45th Tokyo Motor Show in Tokyo, Japan October 27, 2017. REUTERS/Kim Kyung-Hoon/File Photo/File Photo

FRANKFURT (Reuters) – Three major European truck manufacturers – Daimler (OTC:DDAIF) Trucks, AB Volvo and Traton – said on Monday they plan to form a joint venture to develop an electric battery-charging network for long-haul trucks and buses.

Charging infrastructure expansion has been a central hurdle to the mass adoption of battery-powered vehicles.

The three companies, which are normally competitors, will invest 500 million euros ($593.20 million) in the venture that they will own equally and that will start operations in 2022.

The aim is to install and operate at least 1,700 charging points within five years.

The joint company will be based in Amsterdam and will over time seek further partners and public funding.

($1 = 0.8429 euros)

Daimler, Volvo and Traton plan $600 million truck-charging JV

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