Swedish carmaker Volvo has inked an agreement to purchase 60% of Designwerk Technologies AG which offers customized trucks, according to a report.
- The deal will have no significant impact on the financial position of Volvo, and is scheduled to be finalized in the coming weeks. No transaction price was reported.
- Volvo stands to benefit from the capabilities of Designwerk regarding niche products and solutions.
- Designwerk will continue as a standalone firm post-transaction. It develops and sells electromobility products and engineering services within electromobility eco-systems.
- Volvo Group Chief Technology Officer Lars Stenqvist said the investment will support the carmaker’s shift to climate neutral transport solutions across segments.
- Designwerk will complement Volvo with its competencies on electromobility and focus on developing, prototyping, and producing low volume niche products.
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