Coretura joint venture launched by Daimler Truck and Volvo Group
Following the signing of the binding joint venture agreement by Daimler Truck and the Volvo Group on October 28, 2024, the two companies have obtained all necessary regulatory approvals and have now established the new company Coretura. With the completion of the joint venture transaction, the future company Coretura is now based in Gothenburg and commenced operations at the beginning of June.
Johan Lundén, who was formerly responsible for Strategic Product Planning, Project and Innovation at the Volvo Group, has been appointed as CEO of Coretura. The company will be led by a four-member Executive Management team consisting of two members from each of the shareholders.
The newly appointed CEO explained, “This joint venture blends the agility of a start-up with the stability and expertise of our major shareholders.” Lundén envisages the company leading transformation in the commercial vehicle industry—”backed by strong shareholder support and committed to shaping the industry’s future,” he added.
Coretura’s activities include the specification and procurement of centralised control units at scale. These are to be dedicated specifically for commercial vehicles and should be capable of handling large amounts of data. The two joint venture partners explain that their platform will enable the decoupling of software and hardware development cycles. In doing so, they will enable end customers to purchase and update digital applications wirelessly ‘over the air,’ to enhance safety, efficiency and customer experience.
Karin Rådström, President and CEO of Daimler Truck, says, “With Coretura, we are setting a clear strategic focus on software development for commercial vehicles. This is a big and really exciting step – not just for us, but for the entire industry and our customers.”
The two truck-making giants say Coretura will transform the commercial vehicle industry through a new software-defined vehicle platform and set a new industry standard.
While the two truck-makers are natural competitors, and will continue to produce and develop competing products, including software products, their joint venture will allow them to collaborate and co-develop software products with Coretura customers. The first products are expected to be in operation in commercial vehicles by the end of the decade.
Martin Lundstedt, President and CEO of the Volvo Group, adds: “Coretura represents a natural step forward in the evolution of commercial vehicles. By leveraging cutting-edge technology and collaborative innovation, we’re setting the stage for a new era of connectivity and efficiency in the industry. This venture underscores our commitment to not only advancing our products but also paving the way for sustainable and intelligent transportation solutions.”
The partners say they are open to cooperation and are inviting new and traditional suppliers and partners who share their values to “join in creating the future of the industry.”
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