Trucks will be sold throughout Asia, including Japan

Volvo commented that the acquisition will enhance its competency in battery cell and battery materials development.

He will be replaced in his current role on 1 September by Jens Holtinger, currently the executive vice president of group trucks operations as well as chief purchasing officer on a provisional basis.

Volvo will use the money awarded by the EU’s innovation fund to slash carbon emissions from its manufacturing processes at Skövde by as much as 88%.

The joint venture’s primary objective will be to build the “non-differentiating core” of the software-defined truck: a standardised digital platform and dedicated commercial vehicle operating system which will be open to Daimler and Volvo’s competitors.

Gerber replaces Carlos Ribeiro, who is now responsible VFS’s operations in the United Kingdom and Ireland.

The Volvo Group - which includes Renault Trucks, Mack Trucks, Prevost, and Nova Bus - saw a slight decline in its financial results across the board, with its net sales falling by 3% to SEK527bn (approximately EUR46bn) in 2024.

Waabi’s self-driving system, ‘Waabi Driver’, will be vertically integrated with Volvo Group NA’s autonomous-ready trucks on the production line at New River Valley in Dublin, Virginia, USA.

Headquartered in Vancouver, British Columbia, and with offices in Gothenburg, Sweden and Brescia, Italy, Cespira was formed by the two companies to commercialise Westport’s high-pressure direct injection technology.

Representing a planned total investment of USD700m, the Monterrey plant is intended to supplement existing Volvo Group North America and Mack Trucks manufacturing activities across the border in the United States.

The Series B investments bring the Canadian startup’s total invested capital to USD280m.

By combining their assets and capital, the two European manufacturers will ultimately produce “software-defined” trucks which are capable of continually receiving updates over-the-air.