Toyota Signs Binding Agreement to Join Cellcentric Fuel Cell JV

Toyota Motor Corporation, Volvo Group, Daimler Truck AG, and cellcentric have executed a binding agreement for Toyota to become an equal shareholder in the fuel cell joint venture. The agreement follows a non-binding preliminary agreement signed in late March 2026. Upon completion of the transaction, Toyota, Volvo Group, and Daimler Truck will each hold a one-third equity stake in cellcentric. The transaction is expected to close around the end of 2026 or the start of 2027, subject to regulatory approvals. Volvo Group stated that the transaction is not expected to have a material impact on its earnings or financial position.

Formed in 2021 as a joint venture between Daimler Truck AG and Volvo Group, cellcentric said it will continue to operate as an independent and autonomous entity, supplying fuel cell systems for heavy-duty commercial applications.

The company's target customer base spans heavy-duty on-road and off-road transport, buses and coaches, heavy off-highway equipment, rail applications, and stationary power generation. Meanwhile, the three parent companies say they will continue to operate as independent competitors across all other areas of their respective businesses.