Volvo Group to acquire a 60% stake in Designwerk Technologies.

Volvo Group, a commercial vehicle manufacturer, agreed to acquire a 60% stake in Designwerk Technologies, a developer and producer of electric commercial vehicles, battery systems, and charging devices. Financial terms were not disclosed. "Designwerk Technologies have strong competencies within electromobility, focused on developing, prototyping and producing low volume niche products in the entire industrial electromobility spectrum, which makes it a great complement to the Volvo Group's capabilities. This investment will support the Volvo Group transition towards climate-neutral transport solutions across segments," Lars Stenqvist, Volvo Group Chief Technology Officer.