Cummins, Daimler Truck and Paccar select Mississippi for battery cell site

Accelera, the zero-emissions business segment of Cummins (CMI), Daimler Trucks & Buses, a Daimler Truck (DTRUY) company, and Paccar (PCAR) have selected Marshall County, Mississippi, as the future site of advanced battery cell manufacturing for their planned joint venture, or JV. The joint venture will localize battery cell production for commercial electric vehicles and is expected to create more than 2,000 U.S. manufacturing jobs, with the option for further expansion as demand grows. The 21-gigawatt hour, or GWh, factory is expected to begin producing battery cells in 2027. The planned joint venture between Accelera, Daimler Truck and Paccar was announced in September 2023 and will create scale to deliver cost effective and differentiated battery cell technology that supports the adoption of electric vehicles for medium- and heavy-duty commercial transportation. Accelera, Daimler Truck and Paccar will each own 30% of, and jointly control, the business, which will focus on lithium-iron-phosphate battery technology for commercial battery-electric trucks. Eve Energy will serve as the technology partner in the joint venture with 10% ownership and will contribute its battery cell design and manufacturing expertise to the future cell manufacturing plant. EVE Energy is a global technology leader in the manufacture of LFP battery cells for the vehicle industry. The transaction is subject to customary closing conditions and receipt of applicable merger control and regulatory approvals, including the submission of a voluntary notice to the Committee on Foreign Investment in the United States, or CFIUS.