Daimler, Volvo, Traton form $593m truck charging joint venture

Daimler AG, Volvo AB and Traton SE plan a joint venture for a high-performance charging network for battery-electric trucks and coaches across Europe worth $593m.

The manufacturers will spend $593m for at least 1,700 charging points by about 2027 that will be powered by green energy, according to a statement on Monday.

“We are laying the necessary foundation in making a break-through for our customers to make the transformation to electrification by creating a European charging network leader,” Volvo Chief Executive Officer Martin Lundsted said in the statement.

The venture will try to help the companies keep up with tightening regulation in the European Union on diesel engines and emissions.

“It is vital that building up the right infrastructure goes hand in hand with putting CO2-neutral trucks on the road,” Daimler Truck Chief Executive Officer Martin Daum said.

The truck charging joint venture is expected to be signed at the end of this year.