Benzinga | Sep 1, 2021 07:17AM EDT

Volvo Bags Order For 16 VNR Electric Class 8 Trucks For Undisclosed Sum

* Volvo AB (OTC:VLVLY) (OTC:VOLVF) has received an order for 16 Volvo VNR Electric Class 8 trucks from logistics firm Performance Team, an A. P. Moller Maersk A/S (OTC:AMKBY) company. The financial terms of the order were not disclosed.

* The VNR Electric model from Volvo Trucks North America is the first zero-tailpipe emission, battery-electric Class 8 truck in Performance Team's fleet, which will be on the road by year-end.

* All 16 vehicles will be carrying regional loads daily to customers across Southern California.

* The acquisition of the new Volvo VNR Electric models is part of Maersk's Environment Social Governance strategy to decarbonize logistics.

* The purchase of the VNR Electric models is through Volvo Trucks' dealership TEC Equipment.

* Price Action: VOLVF shares closed higher by 1.11% at $22.75, and AMBKY lower by 2.26% at $14.24 on Tuesday.