COLUMBUS, Ind. and PORTLAND, Ore. and BELLEVUE, Wash., Sept. 6,
2023 /PRNewswire/ -- Accelera by Cummins, the
zero-emissions business unit of Cummins Inc. [NYSE: CMI], Daimler
Trucks & Buses US Holding LLC [a Daimler Truck Group Company;
DAX: DTR0CK; "Daimler Truck"] and PACCAR [NASDAQ: PCAR] are
partnering to accelerate and localize battery cell production and
the battery supply chain in the United
States. The planned joint venture will manufacture battery
cells for electric commercial vehicles and industrial applications,
creating highly desirable U.S. manufacturing jobs in the growing
clean technology sector. Total investment is expected to be in the
range of $2-3 billion for the
21-gigawatt hour (GWh) factory.
Accelera by Cummins, Daimler Truck and PACCAR will each own 30%
of, and jointly control, the joint venture, which will initially
focus on the lithium-iron-phosphate (LFP) battery technology family
for commercial battery-electric trucks. The LFP battery cells
produced by the joint venture will be able to offer several
advantages compared to other battery chemistries, including lower
cost, longer life, and enhanced safety, without the need for nickel
and cobalt raw materials. Accelera by Cummins, Daimler Truck and
PACCAR expect to see growing demand for battery technology
throughout this decade and U.S. customers will benefit from a
state-of-the-art dedicated battery cell factory. EVE Energy
[SZSE:310004] will serve as the technology partner in the joint
venture with 10% ownership and will contribute its industry-leading
battery cell design and manufacturing know-how. EVE Energy is a
global leader in the manufacture of LFP battery cells for the
vehicle industry and is publicly traded on the Shenzhen stock exchange.
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 North
America. "We have the responsibility to decarbonize in a way
that is best for all of our stakeholders and the planet. This
requires working closely with key partners. Today's announcement
reflects that action. Not only are we advancing a key technology
solution for our customers, but accelerating the energy transition
in the United States," said
Jennifer Rumsey, Cummins Chair and
Chief Executive Officer.
"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 / regulatory approvals
including the submission of a voluntary notice to the Committee on
Foreign Investment in the United
States (CFIUS).
Daimler Truck Media Contact:
Jörg Howe, +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
Cummins Media Contact:
Jon Mills, +1-317-658-4540,
jon.mills@cummins.com
PACCAR Media Contact:
Ken Hastings, +1-425-468-7530,
ken.hastings@paccar.com
Rutger Kerstiens, +31 (0)40 214
2874, rutger.kerstiens@daftrucks.com
Further information on Daimler Truck is available at:
www.media.daimlertruck.com and
www.daimlertruck.com
About Accelera™ by Cummins
Accelera by Cummins
provides a diverse portfolio of zero-emission 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 North America, across
Europe and in Asia.
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 Columbus, Indiana
(U.S.), Cummins employs approximately 73,600 people committed to
powering a more prosperous world. It operates a robust distribution
and support network in more than 190 countries and territories.
Cummins earned about $2.2 billion on
sales of $28.1 billion in 2022.
To learn more about Accelera by Cummins, visit
accelerazero.com.
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.
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 Asia (TA) with the
FUSO, BharatBenz and RIZON commercial vehicle brands. Mercedes-Benz
(MB) with the truck brand of the same name. Daimler Buses (DB) with
the Mercedes-Benz and Setra bus brands. Daimler Truck's new
Financial Services business (DTFS) constitutes the fifth segment,
the product range in the truck segments includes light, medium and
heavy trucks for long-distance, distribution and construction
traffic and special-purpose vehicles used mainly in the municipal
and vocational sector. The product range of the bus segment
includes city buses, school buses and intercity buses, coaches and
bus chassis. In addition to the sale of new and used commercial
vehicles, the company also offers aftersales services and
connectivity solutions and intercity buses, coaches and bus
chassis. In addition to the sale of new and used commercial
vehicles, the company also offers aftersales services and
connectivity solutions.
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SOURCE Daimler Truck