Daimler, Paccar, Cummins through its Accelera division, and EVE Energy have formed a joint venture to invest $2-$3 billion in a lithium-iron-phosphate (LFP) battery factory in the United States to produce batteries for the group’s electric commercial vehicles. The plant will have an annual manufacturing capacity of 21 GWh, enough for 26,250 Class 8 trucks assuming an 800 kWh battery pack. Cummins, Daimler, and Paccar will each take a 30% stake in the venture, while China’s EVE Energy will take a 10% stake as the group’s technology partner. The transaction is still subject to regulatory approval which will likely pass easily enough. The group’s move towards LFP isn’t entirely surprising, Cummins acquired one of its American suppliers Meritor in a…