Daimler, Volvo and Traton plan $600 million truck-charging JV

The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover

Three major European truck manufacturers – Daimler Trucks (DAIGn.DE), AB Volvo (VOLVb.ST) and Traton (8TRA.DE) – said on Monday they plan to form a joint venture to develop an electric battery-charging network for long-haul trucks and buses.

Charging infrastructure expansion has been a central hurdle to the mass adoption of battery-powered vehicles.

The three companies, which are normally competitors, will invest 500 million euros ($593.20 million) in the venture that they will own equally and that will start operations in 2022.

The aim is to install and operate at least 1,700 charging points within five years.

The joint company will be based in Amsterdam and will over time seek further partners and public funding.

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