Daimler and Volvo Trucks Team Up on Fuel Cells for Electric Buses and Tractor-Trailers

Daimler (OTC: DMLRY) and Swedish truck-maker Volvo (OTC: VOLVY) have agreed to form a joint venture to produce and sell hydrogen fuel cell systems for heavy-duty trucks and other large vehicles, as the high costs of green vehicle technologies -- and the coronavirus crisis -- accelerate consolidation in the global auto industry.

"The common goal is for both companies to offer heavy-duty vehicles with fuel cells for demanding long-haul applications in series production in the second half of the decade," Daimler said in a statement. "In addition, other automotive and non-automotive use cases are also part of the new joint venture's scope."

Daimler's fuel-cell R&D efforts have included for cars, heavy trucks, and buses. Image source: Daimler AG.

Source Fool.com