ZCZC
BCN-05
GERMANY-AUTOMOBILE-DAIMLER-VOLVO
Daimler, Volvo in 1.2-bn-euro deal to make hydrogen batteries: statement
FRANKFURT AM MAIN, April 21, 2020 (BSS/AFP) – German automobile giant Daimler said Tuesday it was partnering with Geely-owned Volvo to make hydrogen batteries for trucks, as car giants accelerate a push to wean vehicles from fossil fuels.
The joint venture between the two, valued at 1.2 billion euros ($1.3 billion), is “a milestone in bringing fuel cell powered trucks and buses onto our roads,” said Daimler Truck chairman Martin Daum.
“By forming this joint venture, we are clearly showing that we believe in hydrogen fuel cells for commercial vehicles,” added Martin Lundstedt, chief executive of Volvo, which is fully owned by China-based Geely.
BSS/AFP/MMA/1251HRS