Leading Commercial Automakers TRATON GROUP, Volvo, and Daimler Truck To Form a $593 Million JV to Develop Electric Truck Charging Network in Europe

Leading Commercial Automakers TRATON GROUP, Volvo, and Daimler Truck To Form a $593 Million JV to Develop Electric Truck Charging Network in Europe
pic courtsey: https://www.volvogroup.com/en/news-and-media/news/2021/jul/news-4017125.html

Automotive majors Daimler Truck, Volvo Group, and Traton Group, which is the heavy-truck business of Volkswagen AG, on Monday, announced the signing of a non-binding agreement to build and install a state-of-the-art charging network for electric heavy- and long-haul trucks across Europe. Under the joint venture, the companies will be initiating and accelerating the development of electric vehicle charging infrastructure to support European Union’s shift to carbon-neutral logistics and transportation.

The non-binding agreement is the base of a joint venture which will be equally owned by the three manufacturers and will be operational in 2022. The three automotive companies will be investing USD 593 million to install and operate nearly 1,700 charging points in accessible and strategic locations, near highways, in the first five years of JV establishment. The joint venture is expected to accelerate the goals of European Union to shift to carbon-neutral freight transport to reduce carbon emissions by 2050. Development of infrastructure will also enable Volvo, Traton, and Daimler to boost sales of their own fleet of electric trucks and buses. The future joint venture is expected to have its own identity and have headquarter in Amsterdam, Netherlands. High-performance and state-of-the-art charging infrastructure for long-haul trucks is a highly cost-effective way to significantly reduce carbon emissions. There will be a high focus on the growing needs of customers and operators of battery electric vehicle fleet will be able to utilize both fast-charging that will enable them to take the 45 minute compulsory resting period in Europe and charge overnight.

The charging network developed by the three automakers will be for all commercial vehicles across Europe, regardless of the company. The joint venture is subject to regulatory approvals and will be finished by the end of 2021.

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