Toyota acquires stake in Daimler-Volvo JV

MANILA: Toyota Motor Corporation has acquired a stake in cellcentric, a joint venture between Daimler Trucks and the Volvo Group.

Per the Japanese mobility brand, the three entities have agreed to hold equal shares in the company — with each owner to hold one-third. 

The acquisition follows a non-binding agreement signed by the involved companies in March, and through the said collaboration, the parties intend to strengthen cellcentric's position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications.

Completion of the transaction is expected around year end 2026 or the start of 2027 and is subject to obtaining regulatory approvals. 

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On equal footing  

Toyota stands on equal footing with its European partners, Daimler and Volvo, with the three auto firms looking to strengthen cellcentric’s technological lead, industrial scale, and competitiveness in heavy-duty fuel cell technology.  

All three companies will work in collaboration with industry associations and partners across the entire hydrogen value chain to actively support the development of hydrogen supply and infrastructure and unlock the hydrogen ecosystem.

On that note, Toyota, Daimler, and Volvo will continue to compete independently in all other areas of their respective businesses.

Meanwhile, cellcentric will continue to operate as an independent and autonomous company and serve a broad range of customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, marine, rail, and heavy off-highway equipment. 

To note, Daimler — through Mercedes-Benz — has dabbled in the auto industry’s fuel cell segment with the eCitaro fuel cell bus, running on both pure electric energy and hydrogen power. On the other hand, Volvo has begun on-road testing of heavy trucks powered by hydrogen combustion engines, and plans to launch its sustainable heavy-duty haulers before 2030. 

As for Toyota, the company has experimented with hydrogen power through the Mirai passenger sedan. Likewise, the company has fielded hydrogen-fueled race machines, such as the GR Corolla that competed in the Super Taikyu Series last June. 

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