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Daimler subsidiary Mercedes-Benz outlined plans to start selling an electric heavy-duty truck in about five years, a week after Tesla Motors Inc.’s initial sketch on battery-powered commercial vehicles failed to impress investors.

Volvo AB cut its outlook for the North American truck market for the third time this year after stagnant freight volumes and excess inventory drove orders in the region down by nearly one-third in the second quarter.

Daimler AG rose the most in three weeks after the company solidified its lead in the luxury-car market and said it is confident of reaching this year’s underlying profit goals, despite more than 1 billion euros ($1.1 billion) in one-time costs in the second quarter.

Volkswagen AG’s truck unit MAN is nearly tripling the size of its digital division to add self-driving technology and make freight loading more efficient, seeking new sources of income as big rigs are increasingly linked via the Internet.

Although driverless cars grab headlines, it may take decades before truly autonomous vehicles rule the road. In the meantime, semiautomated convoys can help manufacturers hone the technology while cutting emissions and fuel consumption.

Daimler AG reached preliminary agreements to restart sales and local production of trucks in Iran as the lifting of global trade sanctions opens the oil-rich Middle Eastern nation to European investments.

Volvo AB said the krona’s decline on currency markets helped boost third-quarter operating profit even as truck orders, a predictor for future sales, dropped 15%.

Daimler AG is eliminating 1,500 jobs at its Brazilian truckmaking division as demand for commercial vehicles in the country shows no sign of recovery.

MAN SE, the German truck maker owned by Volkswagen AG, plans to reduce the workforce of its European commercial-vehicle operations by about 5% to cut costs and revive profit.