the Swedish manufacturer Volvo trucks said Tuesday that it has signed an agreement with German rival Daimler on the establishment of a joint venture for the development and manufacture of fuel cell systems for vehicles with large carrying capacity.
Daimler consolidates all its current activities in the field of fuel cells in a joint venture. In a statement, Volvo said that it will acquire 50% joint venture in the amount of about EUR 600 million in terms of cash and debt.
Previously, Daimler Buses signed an agreement with the major German transport operator SWEG (Südwestdeutsche Verkehrs-Aktiengesellschaft) on the establishment of fuel cells for extended range, allowing approximately two times to double the range and not spend additional time in charging the batteries. To use a full hydrogen powertrain is not planned.
on Monday, Volvo Cars resumed production at the plant in Torslanda, Sweden, after a short period of downtime associated with the pandemic coronavirus. In addition, resumed the work of all offices in Sweden.
Volvo Cars will continue to use the support package provided by the government of Sweden in the beginning of this year, which means a constant reduction of working time for most employees.
"Friendly support from the government allows Volvo Cars to protect its fundamentally a healthy business to stabilize markets," the company said.
