They have signed an agreement to establish a joint venture and want to develop a common software-defined vehicle platform and a truck operating system in the future, as the companies announced. The platform will enable Daimler Truck, Volvo and potential customers of the joint venture to offer independent and digital vehicle functions for their products.
Daimler Truck and the Volvo Group remained competitors in all other business areas and continued to offer independent products and services, the statement said. The transaction for the joint venture is expected to be completed in the first six months of next year, subject to all necessary approvals from the authorities. The planned headquarters of the new company is Gothenburg, Sweden.
The Daimler Truck share temporarily lost 0.77 percent to 38.87 euros in XETRA trading on Monday, while Volvo shares on the Swedish stock exchange temporarily rose by 0.86 percent to 282.2 Swedish krona.
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LEINFELDEN-ECHTERDINGEN/GOTHENBURG (awp international)
