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Volvo Hydrogen Fuel Cell JV Adds Toyota Stake, Heightening Hyundai Competition

Hyundai logoHyundai
Sig2.30Sen-1.00Env+2.00Soc+0.80Gov0.00
Toyota logoToyota
Sig3.25Sen+4.20Env+2.00Soc+1.20Gov+3.05
Volvo Group logoVolvo Group
Sig2.65Sen+2.40Env+1.80Soc+0.80Gov+0.90

Toyota’s binding deal to buy a 33.3% stake in the Daimler Truck–Volvo Group Cellcentric hydrogen fuel cell JV reshapes the heavy-duty hydrogen truck race, a market Hyundai has pioneered. Completion is planned for late 2026–early 2027. The JV expects faster hydrogen commercial vehicle development as China deploys 40,000 hydrogen electric trucks and Japan targets 1,500.

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