Global truck manufacturers Daimler Truck AG and Volvo Group have reached a preliminary agreement on a joint venture to develop, produce and commercialize fuel cell systems in heavy-duty vehicles by the second half of the decade.

FONTANA, Calif. — The financial case must be just as sound as the environmental argument if electric trucks are to succeed in the marketplace, stakeholders said.

Volvo Group appointed Nils Jaeger president of its new autonomous solutions business unit.

Volvo Group agreed to sell its UD Trucks unit to Isuzu Motors Ltd. for about $2.3 billion and announced plans to forge a strategic alliance with its Japanese rival, the latest sign of consolidation in the global automotive industry.

Volvo Group Venture Capital AB announced it invested in Apex.AI, a startup software company involved in autonomous mobility, to help fund the development of a safety-certified software framework for autonomous systems.

Volvo Trucks announced the start of sales of Volvo FL and Volvo FE electric trucks in selected markets within Europe, including for distribution and refuse hauling, as the region faces increasing demand for environmentally conscious urban transport.

Volvo Group reported a marginal increase in net income and a modest bump in revenue in the third quarter, citing slowing markets for trucks, construction equipment, and marine and industrial engines.

Volvo is tying the launch of its first all-electric vehicle — the XC40 Recharge crossover — to a broader plan for shrinking the carbon footprint of its models by 40% through 2025.

Volvo Group celebrated a milestone in the number of connected vehicles sold to customers over the past 25 years, while its truck unit, Volvo Trucks, celebrated its 50th anniversary of performing accident reconstruction and analysis.