Daimler Truck and Volvo Group have said they have signed a non-binding agreement to establish a joint venture to develop a common software-defined vehicle (SDV) platform and dedicated truck operating system.

The aim is to make the new joint venture a leading developer of standardised hardware and software.

Daimler Truck and the Volvo Group each intend to enter into an equal partnership with the planned joint venture.

It will operate as an independent company, with Daimler Truck and the Volvo Group remaining competitors in all other business areas.

Martin Daum, CEO of Daimler Truck said: “Digitalisation in the vehicle is just as important as the transformation towards CO2 -neutral drive technologies. Together with the Volvo Group we can develop a leading truck operating system and define an industry standard.”

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Martin Lundstedt, President and CEO of the Volvo Group said: “Volvo Group and Daimler Truck are two great companies. Now we are joining forces to more quickly offer our customers the benefits that a software-defined vehicle platform for trucks will bring.”

The joint venture will be headquartered in Gothenburg, Sweden, and will integrate existing technology and resources from both companies into the new organisation.

Both companies will provide their own digital services and vehicle functions based on the platform.

The signed agreement is not binding. A final agreement is expected within this year. The aim will be to complete the definitive transaction in the first quarter of 2025, subject to necessary reviews and approvals from relevant authorities.