By Cecilia Butini

Daimler Truck AG, Traton SE and Volvo AB said Monday that they have signed an agreement to install and operate a public charging network for electric heavy-duty, long-haul trucks and coaches in Europe.

The vehicle manufacturers said the agreement is the foundation of a future joint venture which will be co-owned by the three companies and which will begin operations in 2022. The planned investment in the project is 500 million euros ($593.2 million) among the three companies. The aim is to install and operate at least 1,700 charging points within five years of the establishment of the joint venture, they said.

The joint venture will be based in Amsterdam and its signing is expected by the end of 2021, according to the companies. The three companies will own equal shares in the joint venture but will remain competitors in all other areas, they said.

The agreement is to support the European Union's green deal for a carbon-neutral freight transportation by 2050, the three companies said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

July 05, 2021 02:39 ET (06:39 GMT)