Volvo Group and Daimler Truck have announced a new joint venture that will see the pair create a new commercial vehicle industry platform.
The software, named Coretura, is set to establish a new industry standard and unlock the digital future of commercial vehicles.
While the binding joint venture agreements were signed on October 28 last year, both OEMs have only now obtained all required regulatory approvals to launch the new company.
Coretura will be based in Gothenburg, Sweden and will begin operating this month.
“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,” Daimler Truck president and CEO Karin Rådström says.
“Together we are starting the digital-driven future of trucks and buses, ultimately making commercial vehicles smarter, more connected, and more efficient than ever before.”
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Coretura will be led by a four-member executive management team consisting of two members from each of the shareholders. Johan Lundén has been appointed as CEO coming from Volvo Group where he previously held responsibility for Strategic Product Planning, Project and Innovation management.
“Coretura represents a bold 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,” Volvo Group CEO and president Martin Lundstedt says.
“This venture underscores our commitment to not only advancing our products but also paving the way for sustainable and intelligent transportation solutions.”
Coretura’s mission is to build a core standard software-defined vehicle platform that is dedicated to commercial vehicle operations.
“This joint venture blends the agility of a start-up with the stability and expertise of our major shareholders. We are proud and energised to lead the digital transformation in the commercial vehicle industry – backed by strong shareholder support and committed to shaping the industry’s future,” Lundén says.
The enterprise will start with around 50 employees, with Volvo and Daimler Truck to remain competitors and continue to differentiate their range of product and service offerings, including their respective digital solutions, outside of this project.
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