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Daimler, Volvo and Traton Plan $600 Million Truck-charging JV
Daimler Trucks, AB Volvo and Traton invest 167 million Euro each to form joint venture.
JV to Install at Least 1,700 Charging Points Over 5 years
Three major European truck manufacturers - Daimler Trucks, AB Volvo and Traton have planned 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, with the lack of expansion fuelling so-called range anxiety, the fear of not having enough charging spots to make the trip.
The three companies, which are all building electric trucks and are normally competitors, will jointly invest 500 million euros ($593 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.