Jul. 27, 2026

Toyota, Volvo Group and Daimler Truck AG sign binding agreement for Toyota to join cellcentric as equal shareholder

The Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation (Toyota) have signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric, with each owner to hold one third. The agreement follows the previous non-binding agreement signed at the end of March this year. Completion of the transaction is conditional upon obtaining regulatory approvals. Through the collaboration, the parties intend to strengthen cellcentric's position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications.

Upon completion of the transaction, Toyota will become an equal partner in cellcentric together with the Volvo Group and Daimler Truck AG. The parties plan to collaborate on equal terms, with the aim of strengthening cellcentric's technological lead, industrial scale and competitiveness in heavy-duty fuel cell technology. Through collaboration with industry associations and partners across the entire hydrogen value chain, the partners aim to actively support the development of hydrogen supply and infrastructure and unlock the hydrogen ecosystem.

cellcentric will continue to operate as an independent and autonomous company and serve a broad range of customers in heavy-duty on-road and off-road transport, as well as other heavy-duty applications such as coaches, stationary power generation, marine, rail and heavy off-highway equipment. The Volvo Group, Daimler Truck AG and Toyota will continue to compete independently in all other areas of their respective businesses.

Completion of the transaction is expected around year end 2026 or start of 2027 and is subject to obtaining regulatory approvals.

About cellcentric

cellcentric develops, produces, and commercializes fuel cell systems for use in heavy-duty commercial vehicles and other applications with comparable requirements. cellcentric is a joint venture of Daimler Truck AG and the Volvo Group founded in 2021. The company benefits from the know-how and extensive experience gained from decades of developing fuel cell systems by its predecessor companies. cellcentric's goal is to become a global manufacturer and tier 1 supplier of fuel cell systems and thus make a contribution to climate-neutral and sustainable transportation. More than 560 highly qualified employees are continuously advancing cellcentric's state-of-the-art fuel cell technology. They work in interdisciplinary teams at sites in Kirchheim/Teck, Esslingen, Stuttgart (Germany) and Burnaby (Canada). Roughly 700 individual patents underline cellcentric's leading role in fuel cell technology development.

"Achieving zero, and adding new value beyond it"

As part of efforts to pass our beautiful "Home Planet" to the next generation, Toyota has identified and is helping to solve issues faced by individuals and overall society, which Toyota calls "Achieving Zero," hoping to help reduce the negative impacts caused by these issues to people and the environment to zero. Additionally, Toyota is also looking "Beyond Zero" to create and provide greater value by continuing to diligently seek ways to improve lives and society for the future.

About Beyond Zero: https://global.toyota/en/mobility/beyond-zero/

Toyota Motor Corporation works to develop and manufacture innovative, safe and high-quality products and services that create happiness by providing mobility for all. We believe that true achievement comes from supporting our customers, partners, employees, and the communities in which we operate. Since our founding over 80 years ago in 1937, we have applied our Guiding Principles in pursuit of a safer, greener and more inclusive society. Today, as we transform into a mobility company developing connected, automated, shared and electrified technologies, we also remain true to our Guiding Principles and many of the United Nations' Sustainable Development Goals to help realize an ever-better world, where everyone is free to move.