Cummins Accelera Announces Joint Venture with Partners to Form Battery Manufacturing Company in US

Cummins（NYSE:CMI）Its zero-carbon business brandAcceleraAnnounced cooperation with Daimler Trucks and Buses USA Holdings（DAX: DTR0CK，Companies of the Daimler Truck Group，Hereinafter referred to as‘Daimler Truck’）And Paka（NASDAQ: PCAR）Establish a joint venture company，Join hands with the world's leading manufacturer of lithium iron phosphate batteries for Vehicles – Yiwei Lithium Energy，Promote battery manufacturing and supply chain construction in the North American market。The joint venture will produce batteries for electric commercial Vehicles and industrial markets.。The total investment of the project is estimated to be 20-$3 billion，The planned plant capacity is 21 GWh. (GWh)。

CumminsAccelera，Daimler Trucks and Paka will jointly control，Each holding 30 shares%，The company will first focus on pure e-commerce Vehicles lithium iron phosphate.（LFP）Battery technology。Compared to other battery technologies，Lithium iron phosphate batteries have many advantages.：Including lower cost、Longer life、Higher security，And doe not require nickel and cobalt as raw materials.。The controlling parties expect demand for battery technology to grow in the United States over the next decade.，This advanced battery factory will further meet the needs of users.。In addition，Yiwei Lithium Energy（SZSE:310004）Will be the technical partner of the joint venture.，Shareholding 10%，And contribute its industry-leading battery design and manufacturing technology.。Lithium Energy is the world's leading manufacturer of lithium iron phosphate batteries for vehicles.，Listed on the Shenzhen Stock Exchange。

This strategic joint venture will build a large-scale battery manufacturing capacity.、Building cost efficiencies and technology differentiation，Creating Value for North American Commercial Vehicle Users。Rong Zhanning, Chairman and Chief Executive Officer of Cummins（Jennifer Rumsey）Express：We have a responsibility to decarbonize in a way that is environmentally friendly and maximizes the benefits to all concerned，Achieving this goal requires close cooperation with key partners.。The new company was also set up for this purpose.，We not only promote key technology solutions for user needs，It also accelerates the energy transformation of the United States.。

CEO of PacaPreston FeightExpress：Our vision is to provide high quality localized battery technology，Improve user operational performance，And help them achieve their operational and environmental goals。

CEO of Daimler TrucksMartin DaumSay：For Daimler Trucks，Partnerships and close attention to costs and capital allocation are key.，Will help us succeed in sustainable transport。The economies of scale that the joint venture can achieve cannot be accomplished by Daimler Trucks alone.，This is a key step in our battery industrialization strategy.，Ensure the right battery technology at the right cost。

CumminsAccelera，Daimler Trucks and Paka are leading the transformation of zero-carbon technology in the commercial vehicle sector.，Commitment to carbon reduction in the Paris climate agreement。

The transaction is subject to customary closing conditions.，And related merger control and regulatory approvals。

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