FRANKFURT, April 21 (Reuters) - Daimler on Tuesday signed a preliminary non-binding agreement with Volvo to develop, produce and commercialize fuel cell systems for heavy-duty vehicles.
Daimler will consolidate all of its current fuel cell activities in the joint venture. The Volvo Group will acquire 50% in the joint venture for the sum of approximately 0.6 billion euros, the companies said in a joint release.
The joint venture will operate as an independent and autonomous entity, with Daimler Truck AG and the Volvo Group continuing to be competitors in all other areas of business, the companies said.
Reporting by Edward Taylor Editing by Michelle Martin
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