Volvo, Daimler Truck, TRATON Form JV For Charging Infrastructure In Europe

(RTTNews) - Swedish commercial vehicle manufacturer Volvo Group announced Friday the final formation of a joint venture with German peers Daimler Truck Holding AG (DDAIF.PK), and TRATON SE for charging infrastructure in Europe.

In December last year, the commercial vehicle manufacturers had signed a binding agreement to create the joint venture for European high-performance charging network.

Anja van Niersen was appointed as the Chief Executive Officer of the new joint venture. She was most recently serving as CEO and later as Chairman of the Board of a major European electric vehicle charging network provider.

It is expected that the JV, based in Amsterdam, Netherlands, will have a significant role in supporting the European Union's Green Deal for carbon-neutral freight transportation by 2050.

As announced earlier, the JV plans to install and operate at least 1,700 high-performance green energy charge points on, and close to, highways as well as at logistics hubs across Europe.

The companies will invest 500 million euros in total, and will own equal shares in the JV but continue to be competitors in all other areas.

The companies would install and operate a high-performance public charging network for battery electric, heavy-duty long-haul trucks and coaches across Europe.