Volvo, Daimler add Toyota to EV joint venture
Cellcentric JV was formed in 2021 by Volvo, Daimler
Volvo Group and Daimler Truck are expanding their hydrogen fuel cell joint venture, Cellcentric, with Toyota Motor Corp. planning to join as an equal partner.
The three OEMs signed a nonbinding memorandum of understanding to collaborate on developing, producing and scaling fuel cell systems for commercial vehicles and other heavy-duty applications, according to today’s Volvo release. Toyota’s expected investment would position it alongside Volvo and Daimler Truck as a third equal shareholder in the venture.
The partnership combines complementary capabilities across the companies, with Toyota contributing decades of fuel cell development and manufacturing expertise, while Volvo and Daimler Truck bring established commercial vehicle platforms and distribution networks, according to the release.
Cellcentric, formed in 2021 by Volvo and Daimler Truck, will continue operating as an independent entity focused on fuel cell systems for on- and off-road equipment, according to the release. The companies aim to scale production, improve cost efficiency and expand adoption of hydrogen-powered solutions.
The collaboration reflects a broader industry push to diversify powertrain strategies, with hydrogen fuel cells positioned as a complement to battery-electric technology for heavy-duty applications, according to the release. The partners also plan to support the development of hydrogen infrastructure through industry collaboration.
The agreement remains subject to further negotiations and regulatory approvals, according to the release. Volvo Group does not expect the transaction to have a material financial impact.
The fourth annual Equipment Finance Connect, a crucial industry event for equipment lenders and dealers, takes place at the C. Baldwin Hotel in Houston from May 18-19. Learn more about the event and register here by April 3 for early-bird savings.
