Volvo, Daimler Truck, and the Traton Group are set to invest $593 million or 500 million euros to advance the European charging network for long coaches and trucks.
VOLV-B is up +0.72%, DAI is up +2.22%, and 8TRA is up +0.75%
The joint project will be based in the Dutch city of Amsterdam.
The companies are confident that not less than 1,700 green energy charging points will have been set up and properly functioning within five years of the joint venture.
The three companies expect to seek public financial support and additional partners in the investments.
The investment by Volvo, Daimler, and Traton aims to increase the number of charging points to meet the growing demands as the number of electric vehicles rises.