Accelera by Cummins, Daimler Truck and PACCAR Form a Joint Venture to Advance Battery Cell Production in The United States
- Partnership aims to accelerate and localize battery cell production in the US
- Total investment expected to be $2-3 billion for the 21-gigawatt hour factory
- Joint venture will focus on lithium-iron-phosphate (LFP) battery technology for commercial electric trucks
- LFP battery cells offer advantages like lower cost, longer life, and enhanced safety without nickel and cobalt raw materials
- None.
Accelera by Cummins, Daimler Truck and PACCAR will each own
This strategic joint venture enables its owners to create the necessary scale for access to cost effective and differentiated battery cell technology, ultimately creating value for commercial vehicle customers in
“Our vision is the highest quality, locally produced battery technology to enhance the operations of our customers and help them achieve their operational and environmental goals,” said Preston Feight, PACCAR Chief Executive Officer.
Martin Daum, CEO of Daimler Truck said, “For Daimler Truck, partnerships and a strict focus on costs and smart capital allocation are the key levers to succeed on the path towards sustainable transportation. This planned joint venture enables economies of scale beyond Daimler Truck. It is a key puzzle piece of our battery industrialization strategy, ensuring access to the right battery cell technology at the right cost.”
Accelera by Cummins, Daimler Truck and PACCAR are leading the commercial vehicle sector’s transition to zero-emissions technologies. The partners are committed to reducing carbon emissions consistent with the Paris Climate Agreement.
The transaction is subject to customary closing conditions, and receipt of applicable merger control and regulatory approvals including the submission of a voluntary notice to the Committee on Foreign Investment in
About Accelera™ by Cummins:
Accelera by Cummins provides a diverse portfolio of zero-emissions solutions for the world’s most economically vital industries, empowering them to accelerate the transition to a sustainable future. Accelera, a business segment of Cummins Inc., is both a components supplier and integrator, focused on batteries, hydrogen fuel cells, e-axles, traction drive and electrolyzers. Accelera currently has operations in
Cummins, a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. Headquartered in
To learn more about Accelera by Cummins, visit accelerazero.com.
About Daimler Truck
Daimler Truck Holding AG ("Daimler Truck") is one of the world's largest commercial vehicle manufacturers, with over 40 main locations and more than 100,000 employees around the globe. The founders of Daimler Truck have invented the modern transportation industry with their trucks and buses a good 125 years ago. Unchanged to this day, the company's aspirations are dedicated to one purpose: Daimler Truck works for all who keep the world moving. Its customers enable people to be mobile and get goods to their destinations reliably, on time, and safely. Daimler Truck provides the technologies, products, and services for them to do so. This also applies to the transformation to CO2-neutral driving. The company is striving to make sustainable transport a success, with profound technological knowledge and a clear view of its customers' needs. Daimler Truck's business activities are structured in five reporting segments: Trucks North America (TN) with the truck brands Freightliner and Western Star and the school bus brand Thomas Built Buses. Trucks
About PACCAR
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR vehicles combine state-of-the-art diesel and zero-emissions powertrains with comprehensive PACCAR charging solutions and infrastructure support. PACCAR also provides financial services and information technology, and distributes truck parts related to its principal business. PACCAR’s premium trucks and transportation solutions drive the world to a better future.
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Cummins Media Contact:
Jon Mills
+1-317-658-4540
jon.mills@cummins.com
Daimler Truck Media Contacts:
Jörg
+49 160 8698000
joerg.howe@daimlertruck.com
Paul Mandaiker
+49 176 30999267
paul.mandaiker@daimlertruck.com
Anja Weinert
+1-669-600-1478
anja.weinert@daimlertruck.com
PACCAR Media Contacts:
Ken Hastings
+1-425-468-7530
ken.hastings@paccar.com
Rutger Kerstiens
+31 (0)40 214 2874
rutger.kerstiens@daftrucks.com
Source: PACCAR