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☆ Cummins, Daimler, PACCAR form joint venture for US battery cell production
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer Acquire Licensing RightsSept 6 (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 LFP battery technology family for commercial battery-electric trucks. "This planned joint venture enables economies of scale beyond Daimler Truck," said Martin Daum, CEO of Daimler Truck. LFP battery-cell maker EVE Energy (300014.SZ) will also serve as the technology partner in the joint venture with a 10% ownership. LFP battery cells were developed in the United States, but Chinese companies such as BYD (002594.SZ) and CATL (300750.SZ) currently dominate global production.

Persons: Daimler, Fabian Bimmer, Martin Daum, Nathan Gomes, Krishna Chandra Organizations: IAA Transportation, REUTERS, Cummins, Daimler Trucks, Toyota, Ford Motor, Hyundai, Daimler, EVE Energy, Thomson Locations: Hanover, Germany, United States, Bengaluru

☆ Daimler Truck starts search for new CFO after sudden death
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

Members of the media stand beside an electric driven Actros truck at the booth of German truckmaker Daimler Truck at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian BimmerBERLIN, Aug 14 (Reuters) - Daimler Truck (DTGGe.DE) on Monday said that management board chairman Martin Daum would take over as chief financial officer on an interim basis after the sudden death of Jochen Goetz. The company added that the search for a new CFO had been initiated by the supervisory board. Daimler Truck had announced earlier this month that Goetz died suddenly and unexpectedly at the age of 52. Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Daimler, Fabian Bimmer BERLIN, Martin Daum, Jochen Goetz, Goetz, Miranda Murray, Rachel More Organizations: IAA Transportation, REUTERS, Daimler, Daimler Truck, Thomson Locations: Hanover, Germany

☆ Jochen Goetz, Daimler Truck CFO, dies in 'tragic incident'
▼ + stars: | 2023-08-07 | by ( ) edition.cnn.com time to read: +1 min

Daimler Truck’s chief financial officer Jochen Goetz has died in a “tragic incident,” the company said on Sunday. Goetz, 52, died on Saturday, a statement said, without giving further details. Goetz spent his entire professional career, spanning more than 36 years, in the Daimler Group, and was largely responsible for the successful spin-off of Daimler Truck Holding from what is now the Mercedes-Benz Group in December 2021. “He played a key role in shaping today’s Daimler Truck company and, as CFO, consistently worked to ensure that the company is now more economically successful than ever before,” Chief Executive Martin Daum said. Goetz, who had held his current position since July, 2021, leaves a wife and two children.

Persons: Jochen Goetz, Goetz, “, Martin Daum, Joe Kaeser Organizations: Daimler, Daimler Group, Daimler Truck Holding, Mercedes, Benz Group, Siemens

☆ Daimler Truck CFO Jochen Goetz dies in 'tragic accident'
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo/File Photo/File PhotoFRANKFURT, Aug 6 (Reuters) - Daimler Truck's (DTGGe.DE) Chief Financial Officer Jochen Goetz has died in a "tragic accident," the company said on Sunday. Goetz spent his entire professional career, spanning more than 36 years, in the Daimler Group, and was largely responsible for the successful spin-off of Daimler Truck Holding from what is now the Mercedes-Benz Group (MBGn.DE) in December 2021. "He played a key role in shaping today's Daimler Truck company and, as CFO, consistently worked to ensure that the company is now more economically successful than ever before," Chief Executive Martin Daum said. The company statement said Goetz had been distinguished by "his high level of professionalism as well as his positive, hands-on manner".

Persons: Fabian Bimmer, Jochen Goetz, Goetz, Martin Daum, Joe Kaeser, Vera Eckert, Andrew Cawthorne, Barbara Lewis Organizations: Daimler, IAA, REUTERS, Daimler Group, Daimler Truck Holding, Mercedes, Benz Group, Siemens, Thomson Locations: Hanover, Germany

☆ Daimler Truck hits record returns margin amid rising costs
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Aug 1 (Reuters) - Daimler Truck (DTGGe.DE) achieved a second-quarter record adjusted return on sales of 10.3% for its industrial business, the company said on Tuesday, even as it faced rising monthly costs from inflation. Supply chain issues were easing, the truck and busmaker said, with some bottlenecks remaining this year though no major production downtime was expected. The company struggled in the first quarter with supply chain issues for semiconductors, but has maintained that a general improvement in supply chains would lift its profits. Earnings per share in the quarter fell slightly to 1.11 euros compared to 1.12 euros a year earlier. ($1 = 0.9101 euros)Reporting by Ilona Wissenbach, Victoria Waldersee, Writing by Friederike Heine; Editing by Kim Coghill and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: busmaker, Martin Daum, Ilona Wissenbach, Victoria Waldersee, Friederike Heine, Kim Coghill, Bernadette Baum Organizations: Daimler, Thomson Locations: United States, Japan

☆ European markets open lower ahead of slew of earnings
▼ + stars: | 2023-08-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — European markets opened lower on Tuesday as investors look ahead to a busy week of earnings after logging a winning month in July. The Stoxx 600 opened down 0.1%, with all major bourses and the majority of sectors trading in negative territory. Stateside, U.S. futures traded near the flatline after wrapping up a winning earnings month. Back in Europe, earnings are due from Euroapi, Uniper, Daimler Truck, DHL Deutsche Post, Covestro, BP, HSBC, Travis Perkins and Diageo. Euro zone unemployment data will also be posted.

Persons: Dow, Travis Perkins Organizations: P Global, Nasdaq, Daimler Truck, DHL Deutsche Post, BP, HSBC, Diageo Locations: Asia, Pacific, Europe, Euroapi, Covestro

☆ Daimler Truck hits double-digit return on sales in industrial business
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +1 min

Daimler Truck achieved a record adjusted return on sales in its second quarter of 10.3% for its industrial business making trucks and buses, the company said on Tuesday, boosted by considerable growth in its North America and Asia business. Unit sales rose by 9% with revenue up 15%, indicating the company had upheld its strategy of combatting rising costs by hiking prices - but incoming orders were down by 12% in the first half of the year, results showed. Earnings per share in the quarter fell slightly to 1.11 euros compared to 1.12 euros in the prior year period, the company said. Daimler Truck raised its guidance for annual adjusted sales returns across the group last month to a range of 8.5% to 10% from 7.5% to 9% previously, citing easing of supply chain constraints, stronger demand in its core markets and the after-sales business. The company struggled in the first quarter with supply chain issues for semiconductors, but has maintained throughout the year that a general improvement in supply chains would lift its profits.

Organizations: Daimler Locations: North America, Asia

☆ Daimler Truck CEO: Proud of what we delivered this quarter
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDaimler Truck CEO: Proud of what we delivered this quarterDaimler Truck CEO Martin Daum says that, despite a tough business environment, it continues to improve its business structure and its service income has grown significantly.

Persons: Martin Daum Organizations: Daimler

☆ Morning Bid: Testing the 'Goldilocks' view of the global economy
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Kevin Buckland. The 'Goldilocks' view that equity investors are taking of the global economy continued into August, as a benchmark of Asian stocks hovered around Monday's 16-month highs. Signs of a peak for European consumer inflation to start the week echoed the narrative in the U.S., where optimism for a soft landing continues to grow. And the Bank of England decision on Thursday could mar the peak rates story for the world's major central banks. The PMI parade continues through the day, with numbers from the euro zone and many of its members, including Germany, as well as from the UK and the U.S.

Persons: Kevin Buckland, Muralikumar Organizations: United, Bank of, PMI, BP, Diageo, Caterpillar, PMIs, U.S ., Italy U.S, ISM, Uniper, Daimler, Deutsche Post U.S, Uber, Pfizer, Merck, Starbucks, AMD, Thomson Locations: U.S, United States, Bank of England, Beijing, Germany, Europe, Sweden, Spain, Italy, France, Tokyo

Tesla, which accounted for more than 60% of U.S. EV sales last year, has the largest network of fast-chargers with almost 18,000 Superchargers. Tesla said earlier this year it would open part of that charging network to EVs from rivals in order to be eligible for a share of funding from $7.5 billion in federal subsidies. The new charging company will support both charging standards but will compete with Tesla's network. CEOs of the seven auto brands said a charging network built out like gas stations with restrooms, food service and retail operations would support a faster EV rollout. Automakers, however, lack the necessary electricians or experience working with retailers, said Andres Pinter, co-CEO at installation and maintenance company Bullet EV Charging Solutions.

Persons: Tesla, Mercedes Benz, Akshay Singh, Karine Jean, Pierre said, Biden, TESLA, Carlos Tavares, Steve Marcus, –, Andres Pinter, Andre Barlow, Doyle Barlow, Mazard, Abhirup Roy, Jarrett renshaw, Kevin Krolicki, Ben Klayman, Paul Lienert, Diane Bartz, Chizu Nomiyama, Bernadette Baum, Marguerita Choy Organizations: General Motors, Hyundai Motor, Kia, Honda, BMW, EV, Tesla, Industry, White House, U.S, REUTERS, GM, Hyundai, BMW –, American, Solutions, VW, Daimler, Ford, Justice, Justice Department, White, Thomson Locations: U.S, North America, Las Vegas , Nevada, America, Europe, San Francisco, Washington

☆ Waymo to focus on ride-hailing services, pushes back autonomous trucking efforts
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Alphabet Inc's (GOOGL.O) Waymo is focusing on its ride-hailing service, Waymo One, while pushing back its efforts to develop commercial autonomous trucking technology, the self-driving unit said on Wednesday. The company said it is seeing significant growth and demand for ride-hailing services in San Francisco, Phoenix and Los Angeles, and is focusing on achieving commercial success in the business. Waymo said it will continue its collaboration with strategic partner Daimler Truck North America to take its autonomous trucking platform forward. The unit's Waymo Driver technology is used in a variety of use cases, from ride-hailing to trucking. "We continue to see a significant future commercial opportunity for our trucking solution alongside other commercial applications of the Waymo Driver," Waymo said.

Persons: Waymo, Akash Sriram, Pooja Desai Organizations: Daimler Truck North, Thomson Locations: San Francisco, Phoenix, Los Angeles, Daimler Truck North America, Bengaluru

☆ Bosch ups investment in hydrogen, begins fuel-cell power module production
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The planned investment was one billion euros more than earmarked in its previous investment plan for 2021-2024, the statement added. Bosch expects one in five new trucks weighing six metric tons or more would feature fuel-cell powertrains by 2030, it said. Bosch said production of its fuel cell power module - a fuel cell system generating electricity in vehicles from hydrogen, primarily used in commercial long-distance applications - has begun in its Stuttgart-Feuerbach plant in Germany and in Chongqing, China. Daimler Truck (DTGGe.DE) plans to bring a hydrogen truck to market in the second half of the decade, forming a joint venture with Volvo (VOLVb.ST) to develop the zero-emissions technology. Automaker Stellantis said this year it would begin deliveries in Europe of its first medium-sized vans powered by hydrogen fuel cells by the end of 2021.

Persons: Bosch, Stefan Hartung, Feuerbach, Stellantis, Victoria Waldersee, Ilona Wissenbach, Emelia Sithole Organizations: Bosch, Nikola Corporation, Daimler, Volvo, Volkswagen, Thomson Locations: BERLIN, Stuttgart, Germany, Chongqing, China, American, Europe

The pan-European STOXX 600 (.STOXX) ended 0.7% higher, rising for the third straight session. Irish stocks (.ISEQ) jumped 2.1%, leading the advance among its continental peers. Irish stocks were boosted by gains in Kingspan (KSP.I) which jumped 15.7% after forecasting record profit for the first half of the year. Shares of China-exposed luxury firms including LVMH (LVMH.PA), Hermes (HRMS.PA) and Richemont (CFR.S) rose between 2% and 2.3% while industrial stocks (.SXNP) also sensitive to China advanced 1.0%. Mercedes-Benz Group (MBGn.DE) shares rose 0.7% after sales in the second quarter rose 6% year-on-year on the back of demand for all-electric and top-end vehicles.

Persons: Michael Hewson, Richard Flax, Matteo Allievi, Shreyashi Sanyal, Rashmi Aich, Nivedita, Emelia Organizations: Miners, U.S . Federal Reserve, LVMH, CMC Markets, tomorrow's U.S, Nordic Semiconductor, Daimler, Benz Group, Thomson Locations: China, Kingspan, Europe, U.S, tomorrow's, Britain, Gdansk, Amruta, Bangalore

☆ Daimler Truck targets above 12% adjusted returns by 2030
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

July 11 (Reuters) - Daimler Truck (DTGGe.DE) set new financial targets for 2030 ahead of its Capital Markets Day on Tuesday, aiming for at least 12% adjusted returns for its industrial business under favourable conditions and 40-60% revenue growth from 2025-2030. The truck and bus maker expects to generate over 3 billion euros ($3.30 billion) in revenue and 1 billion euro earnings before interest and taxes from autonomous driving in 2030, it said in a statement. The company on Monday announced a 2-billion-euro share buyback programme as it increased its guidance for 2023 revenue and profits, citing a recovering supply chain and stronger demand. ($1 = 0.9098 euros)Reporting by Victoria WalderseeOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee Organizations: Daimler, Victoria, Thomson

[1/2] A 2020 Toyota Mirai hydrogen electric fuel cell car is displayed at the Canadian International Auto Show in Toronto, Ontario, Canada February 18, 2020. The decision marks a shift in focus for the Japanese automaker, a major backer of hydrogen fuel-cell vehicles as an alternative to electric vehicles. Toyota sold just over 3,900 fuel cell vehicles in 2022, less than half of 1% of its global sales of around 9.5 million vehicles. In May, Toyota and Daimler Truck Holding (DTGGe.DE) said they had agreed to cooperate on hydrogen technology and reached a preliminary deal to combine their truck businesses in Japan. Toyota launched its dedicated fuel-cell unit, the Hydrogen Factory, with 1,350 staff earlier this month.

Persons: Chris Helgren TOKYO, Hiroki Nakajima, Nakajima, Daniel Leussink, Kevin Krolicki, Louise Heavens Organizations: Canadian International, REUTERS, Toyota, North, Technology, Daimler Truck, Hydrogen, Fuji, Honda, General Motors, Thomson Locations: Toronto , Ontario, Canada, Europe, China, North American, Japan, California

☆ European shares gain on hopes of end to Fed rate hikes, China stimulus
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - European shares rose on Tuesday as investors hoped the U.S. Federal Reserve was closing in on the end of its interest rate hiking cycle, while China's policy measures to prop up its battered real estate sector also boosted sentiment. On Monday, China extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector. Markets also digested comments from several Fed officials signalling the U.S. central bank was nearing the end of its rate hiking cycle. Daimler Truck (DTGGe.DE) rose 1.1% after the German automaker raised its profit and revenue guidance on easing of supply chain constraints. Reporting by Matteo Allievi in Gdansk and Amruta Khandekar in Bangalore; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Allievi, Rashmi Organizations: U.S . Federal, Daimler, Nordic Semiconductor, Thomson Locations: China, Gdansk, Amruta, Bangalore

☆ Daimler Truck raises 2023 guidance for revenue, profit
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, July 10 (Reuters) - Daimler Truck (DTGGe.DE) has raised its guidance for adjusted returns on sales in its industrial business to a range of 8.5% to 10% from 7.5% to 9% previously for the financial year 2023, it said on Monday. The truck and busmaker now expects revenue to reach 56-58 billion euros ($63.79 billion), from 55-57 billion previously, with unit sales forecast around 20,000 higher to a range of 530,000 to 550,000. Its adjusted return-on-sales forecast rose to 11-13% for its North America division, 8-10% for its Europe division, and 4-6% for its Asia division. The company also announced a share buyback program starting August 2023 of up to 2 billion euros, to be acquired over up to two years. ($1 = 0.9092 euros)Reporting by Victoria Waldersee and Maria MartinezOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee, Maria Martinez Organizations: Daimler, North America, Thomson Locations: BERLIN, Europe, Asia

☆ California, truck manufacturers strike deal on emissions rules
▼ + stars: | 2023-07-06 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/2] Tesla's new electric semi truck is unveiled during a presentation in Hawthorne, California, U.S., November 16, 2017. REUTERS/Alexandria Sage/File PhotoWASHINGTON, July 6 (Reuters) - California state air regulators and truck and engine manufacturers said on Thursday they had reached an agreement on state emissions rules that will give companies more flexibility to meet requirements. The California Air Resources Board (CARB) said the "Clean Truck Partnership" with the Truck and Engine Manufacturers Association (EMA) includes new flexibility for manufacturers to meet emissions requirements while reaching state goals for reducing emissions. Newsom said "today truck manufacturers join our urgent efforts to slash air pollution, showing the rest of the country that we can both cut dangerous pollution and build the economy of the future." California said Thursday it agreed to modify elements of the 2024 NOx emission regulations for which manufacturers will provide offsets to maintain California emission targets.

Persons: Gavin Newsom, Newsom, Jed Mandel, David Shepardson, David Gregorio Our Organizations: REUTERS, WASHINGTON, California Air Resources Board, Manufacturers Association, U.S . Environmental Protection Agency, Twitter, Cummins, Daimler Truck North, Ford Motor, General Motors, Hino Motors, Volvo Group North America, EPA, Thomson Locations: Hawthorne , California, U.S, Alexandria, California, CA

☆ AI is essential to develop autonomous driving, Daimler Trucks CEO says
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI is essential to develop autonomous driving, Daimler Trucks CEO saysDaimler Trucks CEO Martin Daum says autonomous trucks are years away for the company, but AI will play a pivotal role getting there.

Persons: Martin Daum Organizations: Daimler Trucks

☆ This under-the-radar filtration stock could rally more than 50%, Goldman Sachs says
▼ + stars: | 2023-06-20 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Atmus Filtration is worth buying following its initial public offering, Goldman Sachs said. Analyst Jerry Revich initiated coverage of the filtration stock, whose initial public offering took place in late May, at buy. However, he said the company can expand outside the core market that's valued at $15 billion into the broader industrial filtration market valued at $45 billion. And the already existing internal IP should be useful as the filtration technology in the two markets is similar, he said. "In our view, as a standalone company, Atmus will further build on its strengths," Bank of America analyst Andrew Obin said in his upgrade.

Persons: Goldman Sachs, Jerry Revich, Revich, Atmus, Wells Fargo, Andrew Obin, CNBC's Michael Bloom Organizations: Cummins, JPMorgan, Bank of America Locations: Friday's, Cummins

☆ Mercedes won't join Renault's new electric van project-sources
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 2 (Reuters) - Mercedes Benz Group (MBGn.DE), a longtime partner of Renault (RENA.PA) in vans, won't take part in the French company's FlexEvan electric project and will focus instead on its own premium electric vehicle VAN.EA, two sources with knowledge of the matter said. A spokeswoman of Mercedes confirmed that the group had no plan to launch a mid-sized van or a large one on a different platform than VAN.EA. Renault has long sought to expand its cooperation in vans with Mercedes, but in vain. "It is true that for light commercial vehicles, the bulk (of the cooperation with Mercedes) has been done", one of the sources said. Reporting by Gilles Guilaume; Editing by Silvia Aloisi and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: FlexEvan, Mercedes, Luca de Meo, Carlos Ghosn, Gilles Guilaume, Silvia Aloisi, David Holmes Organizations: Mercedes Benz Group, Renault, Nissan, Renault Trucks, Sweden's Volvo, Mercedes, Daimler, Thomson Locations: U.S

☆ Toyota, Daimler in deal to combine Japan truck operations
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +1 min

Daimler Truck Holding and Toyota Motor Corp said on Tuesday they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd would be combined under a holding company, they said in a statement. Daimler Truck and Toyota will invest in the company equally and cooperate on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving, the statement said. Last year, a committee tasked with investigating an emissions scandal at Hino, which became a Toyota subsidiary in 2001, found that the truck and bus maker had falsified emissions data going back to 2003. The heads of the four companies will hold a joint news conference in Tokyo at 4:30 p.m. (0730 GMT).

☆ The one crucial industry where China is crushing America in the Tech Cold War
▼ + stars: | 2023-05-16 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

As of now, CATL has 13 factories worldwide that supply batteries for Tesla, Toyota, and Daimler. And thanks to its ownership of its battery supply chain, it's able to make cars cheaply. Stevenson-Yang sees parts of China's battery supply chain as the next glut it will need to dump. But the potential of a battery supply glut tomorrow doesn't help carmakers meet their needs today. "But if we're looking at evolutionary improvements, China Battery Inc. will still dominate.

☆ Daimler Truck holds 2023 outlook on supply chain disruptions
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian BimmerBERLIN, May 9 (Reuters) - Daimler Truck (DTGGe.DE) reported on Tuesday a rise in first-quarter return on sales but maintained its 2023 outlook due to instability in the supply chain for semiconductors which it said was partly due to cyber attacks at its suppliers. It kept its outlook from earlier this year unchanged, forecasting 55-57 billion euros in revenue for the year and 7.5-9% adjusted returns, citing ongoing instability in the supply chain. "It's not stable, but it's getting better," Goetz said, adding the company was "basically sold out" for 2023. It confirmed preliminary results released late April of a 78% jump in operating profit to 1.162 billion euros ($1.28 billion), with unit sales up 15%. Its North America and Europe divisions saw returns of 11.6% and 8.8% respectively, in line with long-term targets.

☆ Iveco to fully own venture with Nikola on electric, hydrogen trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.

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