Cummins, Daimler, Paccar form joint venture for US battery cell production
Technology
Cummins, Daimler, Paccar form joint venture for US battery cell production
(Reuters) - Accelera, a zero-emissions business unit of Cummins (CMI.N), Daimler Trucks & Buses US Holding and PACCAR (PCAR.O) said on Wednesday they formed a joint venture to advance battery cell production in the United States.
Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on the lithium-iron-phosphate (LFP) battery technology family for commercial battery-electric trucks.
The companies said they expect to invest between $2 billion and $3 billion to set up a 21-gigawatt hour (GWh) factory to manufacture LFP battery cells.
LFP battery-cell maker EVE Energy (300014.SZ) will also serve as the technology partner in the joint venture with 10% ownership.
