Accelera By Cummins, Daimler Truck And PACCAR Complete Battery Joint Venture Transaction To Form Amplify Cell Technologies And Names Kel Kearns As The New CEO
Portfolio Pulse from Benzinga Newsdesk
Accelera by Cummins, Daimler Truck, and PACCAR have completed the formation of their joint venture, Amplify Cell Technologies, to localize battery cell production in the U.S. The venture will build a 21-GWh factory in Mississippi, creating over 2,000 jobs and starting production in 2027. Kel Kearns has been named CEO.
June 04, 2024 | 12:20 pm
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Cummins' joint venture with Daimler Truck and PACCAR to form Amplify Cell Technologies will enhance its position in the zero-emissions technology market. The new factory in Mississippi will create significant job opportunities and boost local manufacturing.
The joint venture and new factory will likely enhance Cummins' market position in zero-emissions technology, potentially driving stock price up due to positive investor sentiment and future growth prospects.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
PACCAR's involvement in the joint venture Amplify Cell Technologies will bolster its capabilities in electric commercial vehicles. The new factory in Mississippi is a strategic move to localize battery production and create jobs.
PACCAR's participation in the joint venture is expected to strengthen its position in the electric commercial vehicle market, likely leading to positive investor sentiment and a potential increase in stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80