Volvo Group, Daimler Truck, TRATON GROUP Plan JV To Operate Charging Network For Heavy-duty Trucks

Commercial vehicle manufacturers Volvo Group (VOLVY.PK), Daimler Truck, a unit of Daimler AG (DDAIF.PK), and the TRATON GROUP announced Monday that they have signed a non-binding agreement to install and operate a high-performance public charging network for battery electric heavy-duty long-haul trucks and coaches across Europe.

With the deal, the companies aim to initiate and accelerate the build-up of charging infrastructure to enhance customer confidence and to support EU's transformation to climate-neutral transportation.

The agreement lays the foundation of a future joint venture, which will be equally owned by the three parties, planning to start operations in 2022.

The parties intend to invest together 500 million euros to install and operate at least 1,700 high-performance green energy charging points close to highways as well as at logistic and destination points. The investment will be within five years from the establishment of the JV.

The companies will seek additional partners and public funding to significantly increase the number of charging points.

The future JV is planned to operate under its own corporate identity and be based in Amsterdam, Netherlands.

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