Toyota Signs Binding Agreement to Join Cellcentric Fuel Cell JV

In July 2026, Toyota Motor Corporation, Volvo Group, Daimler Truck AG, and Cellcentric executed a binding agreement for Toyota to become an equal shareholder in the fuel cell joint venture. The agreement follows a non-binding preliminary agreement signed in late March 2026. Upon completion of the transaction, Toyota, Volvo Group, and Daimler Truck will each hold a one-third equity stake in Cellcentric. The transaction is expected to close around the end of the year 2026 or the start of 2027, depending on regulatory approvals. Volvo Group also stated that the transaction is not expected to have a material impact on its earnings or financial position.

Formed in 2021 as a joint venture between Daimler Truck AG and Volvo Group, Cellcentric said it will continue to operate as an independent and autonomous entity, supplying fuel cell systems for heavy-duty commercial applications.

The company's target customer base spans across heavy-duty on-road and off-road transport, buses and coaches, heavy off-highway equipment, rail applications, and stationary power generation. Meanwhile, the three parent companies say they will continue to operate as independent competitors across all other areas of their respective businesses.

Impact on the Automotive Market

The automotive industry is undergoing a significant transformation, driven by technological advancements, changing consumer preferences, and growing environmental concerns. As the industry actively navigates this complex landscape, strategic partnerships are emerging as a key driver of innovation, sustainability, and growth.

Partnerships are also playing a critical role in reducing the environmental impact of the automotive industry. Companies all over the world are partnering up in order to develop more sustainable production processes, reduce carbon footprint, and promote recycling and end-of-life vehicle management. The automotive industry is expected to continue growing in the coming years, driven by increasing demand for electric and autonomous vehicles, as well as growth in emerging markets. Partnerships are set to play a critical role in driving this growth by enabling companies to expand into new markets, leverage data analytics, and build more resilient supply chains.

Impact on the Heavy Duty Trucks Market

The global heavy duty trucks market size is calculated at USD 230.11 billion in 2025 and is predicted to increase from USD 248.97 billion in 2026 to approximately USD 501.37 billion by 2035, expanding at a CAGR of 8.10% from 2026 to 2035.

According to Precedence Research, key drivers include rising freight demand, economic expansion, infrastructure projects, and the adoption of eco-friendly and efficient technologies in the heavy-duty truck sector. Additionally, the industry is influenced by emissions reduction regulations and safety standards. Additionally, regulations aimed at reducing emissions and enhancing safety standards are shaping industry trends. Leading heavy-duty truck manufacturers are strategically expanding their production and service networks worldwide to meet increasing demand. PACCAR and Ashok Leyland are also establishing production and assembly facilities in Southeast Asia, Latin America, and Eastern Europe to enhance supply chain efficiency in these regions. Furthermore, emerging markets with growing freight activity and industrialization offer significant opportunities for long-term market growth.

Artificial Intelligence is also changing the heavy-duty truck industry from a traditional, reactive industry into a proactive and even data-based sector, significantly accelerating its expansion. AI is now able to evaluate multiple variables instantly, including traffic, weather, road conditions, fuel expenses, and driver hours of service to calculate the most cost-effective route. AI also powers advanced driver assistance systems, like automatic hard-braking, blind-spot detection, and even lane-keeping assistance, which significantly decrease accident rates.

Impact on the Autonomous Trucks Market

The global autonomous trucks market size was estimated at USD 1.74 billion in 2025 and is predicted to increase from USD 2.04 billion in 2026 to approximately USD 8.41 billion by 2035, expanding at a CAGR of 17.06% from 2026 to 2035.

According to Precedence Research, the market for autonomous trucks is growing rapidly, driven by increased demand for efficient and safer transportation, technological advancements, and the need to reduce labor costs. The market includes several players, including technology companies, truck manufacturers, and logistics companies, who are investing in developing and deploying autonomous trucks. While the market is still in its initial stages, it is expected to grow significantly in the coming years as the technology improves and more companies adopt autonomous vehicles in their operations.

The start-up growth is accelerating due to the increasing volume of transport, as the dispersing sectors like food, pharmaceuticals, perishables, and cosmetics are rapidly rising. And so the start-ups are performing more than just testing. The need for advanced momentum and precision in delivery is the key focus of the new start-ups. The industry growth has been flourishing due to the massive commercial deployments, mainly in site-to-site logistics and long-distance freight. The industry players and high-tech minds' partnerships for integration and further advancement favor the growth of the autonomous trucks sector.

About Toyota

Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is the largest automobile manufacturer in the world, producing about 10 million vehicles per year.

The company was founded as a spinoff of Toyota Industries, a machine maker started by Sakichi Toyoda, Kiichiro's father. Both companies are now part of the Toyota Group, one of the largest conglomerates in the world.

The tradition at Toyota has always been to provide premium quality cars backed by reliable services to our customers. The company ensures that the quality meets the international standards while keeping in mind the local sensitivities. They also strive towards developing a more sustainable future, and being pioneers in the Hybrid Technology is our first step towards this movement. Through initiatives focused on education, community development, and the environment, we aim to create a company that works in harmony with nature and society.