Group spending in research and development into electric vehicles will increase to EUR2.6bn between now and 2026, adjusting its original budget of EUR1.6bn to 2025.

Sales revenues grew to EUR30.6bn, while the group's adjusted operating income was EUR1.6bn, a 5.2% return on sales.

Shyft Group launched a new brand with a range of electric vehicle products, while subsidiaries DuraMag and Utilimaster showcased a range of light truck products.

For the 'Powertrain in a Crate' electrification kit, Wrightspeed will develop the powertrain components while Romeo Power will supply the batteries.

Quantron's revenues increased by 500% over the year before to EUR10m.

Daimler Truck AG, based in Stuttgart, Germany, has announced the launch of its new product engineering and IT centre in Bangalore, India, named Daimler Truck Innovation Centre India (DTICI).

Daimler Truck AG, based in Stuttgart, Germany, has announced the delivery of its very first series production eActros to operator DB Schenker. The eActros 300, produced at the Daimler plant in Wörth am Rhein, will be used for heavy-duty distribution.

Companies including Cummins and Traton, as well as multiple tyre manufacturers, have suspended their operations in the Russian Federation and have halted all exports.

Meritor will join Road Ready's partner network, meaning that data on Meritor truck-trailer components will be collected by the 'LogIQ' telematics network.

The share of the market held by battery-electric and plug-in electric vehicles in 2021 across the LCV, truck, and bus segments was 3%, 0.5%, and 10.6% respectively.

The report finds that the technology in battery-electric terminal tractors currently on the market is “mature enough for fleets to be making investments” in them. 

The new-generation truck boasts 42% more energy, with battery capacity up to 376 kWh.