Volvo, Daimler Truck launch Coretura joint venture

Volvo (VLVLY) and Daimler Truck (DTRUY) announced the launch of Coretura, their joint venture aimed at transforming the commercial vehicle industry through a new software-defined vehicle platform. Coretura will enable Volvo Group and Daimler Truck and other future customers to provide differentiating stand-alone digital vehicle applications for their products. Following the binding joint venture agreements signed on October 28, 2024, Volvo Group and Daimler Truck have obtained all required regulatory approvals and have now launched the new company Coretura. Following the joint venture transaction, Coretura, based in Gothenburg, Sweden, began operations in the beginning of June. Coretura will be led by a four-member executive management team consisting of two members from each of the shareholders. Johan Lunden has been appointed as CEO coming from Volvo Group. Starting with around 50 employees, Coretura is set to grow stepwise. This allows the shareholders to pool resources and invest in accordance with technical progress and achievement of milestones. Coretura thereby follows a collaborative co-development approach with its customers, aiming to launch its first products in vehicles by the end of the decade. Volvo Group and Daimler Truck will remain competitors and continue to differentiate their range of product and services offerings, including their respective digital solutions.