Accelera By Cummins, Daimler Truck And PACCAR Select Mississippi For Battery Cell Production In The United States
Portfolio Pulse from Benzinga Newsdesk
Accelera by Cummins (NYSE:CMI), Daimler Truck, and PACCAR (NASDAQ:PCAR) have chosen Mississippi for a new battery cell production facility for commercial electric vehicles. The joint venture, which also includes technology partner EVE Energy, is expected to create over 2,000 jobs and start production in 2027. The factory will focus on lithium-iron-phosphate (LFP) battery technology and is part of the companies' commitment to zero-emissions and the Paris Climate Agreement. The deal is pending regulatory approvals, including CFIUS.
January 18, 2024 | 8:52 pm
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Cummins Inc. is part of a joint venture to build a battery cell production facility in Mississippi, focusing on LFP battery technology for commercial electric vehicles, with production starting in 2027.
The news of Cummins Inc. being part of a joint venture to produce battery cells for electric vehicles is likely to be viewed positively by investors. It aligns with the growing demand for EV technology and the company's commitment to zero-emissions, which could lead to future growth and revenue streams. The impact is significant due to the scale of the project and the potential for job creation, although production is not set to begin until 2027.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
PACCAR is involved in a joint venture to establish a battery cell manufacturing plant in Mississippi, aimed at advancing the production of commercial electric vehicles, with the facility starting operations in 2027.
PACCAR's participation in the joint venture for battery cell production is a strategic move that could enhance its position in the electric commercial vehicle market. The initiative may be well-received by investors as it demonstrates PACCAR's commitment to sustainability and positions the company to capitalize on the shift towards electric vehicles. The positive impact is based on the long-term benefits and job creation, despite the delayed start of production.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90