Cummins, Daimler, Paccar form joint venture for US battery cell production (updated)

Cummins

06/09/2023 11:52

(Adds details from release in paragraphs 2-4)
       Sept 6 (Reuters) - Accelera, a zero-emissions business
unit of Cummins  CMI.N , Daimler Trucks & Buses US Holding
 DTGEe.DE  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.
        

 (Reporting by Nathan Gomes in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Nathan.Gomes@thomsonreuters.com;))