The software platform will enable Daimler Truck, Volvo Group and potential customers of the joint venture to offer independent and digital vehicle functions for their products, the companies said. Customers will be able to add and update digital applications remotely, potentially reducing downtime and simplifying maintenance.   

Almost 600 of the Volvo Group AB unit’s battery-electric straight trucks and tractors are now operational in the U.S. and Canada, collectively driving more than 200,000 miles every week.

The move caps months of talks with owners, customers and creditors to find a way for Europe’s rare homegrown maker of EV batteries to continue operations.

Volvo Trucks is targeting a 25% North American heavy-duty truck market share by 2030, according to executives at the company.

Geely Holding Group is in talks with banks for a syndicated loan to refinance borrowings related to its acquisition of a stake in Volvo AB in 2018, according to people familiar with the matter.

Volvo Car is taking over a joint venture with Northvolt to build a factory on Sweden’s west coast, underscoring the major challenges of scaling battery production in the EV market.

The venture aims to develop a centralized operating system that could accelerate industry innovation by separating software from hardware development cycles.

Volvo Group profit fell 28.5% in the third quarter of 2024 as a downturn in demand for trucks in both Europe and North America crimped revenue and margin.

Volvo Car AB is shaking up its management team, with Chief Commercial Officer and Deputy CEO Bjorn Annwall leaving the company.

Volvo Car and dozens of industrial manufacturers urged Brussels to stick to a plan to halt sales of new combustion engine cars starting in 2035.