Climate Adaptation
Toyota Bets on China Fuel Cell Future With FAW, Other Automakers
- Toyota has long embraced fuel cells as vehicle energy source
- China is shifting to electric vehicles at healthy pace
This article is for subscribers only.
Toyota Motor Corp. is teaming up with five Chinese companies including Beijing Automobile Group Co. and China FAW Corp. to develop fuel cells for commercial vehicles, seeking to push deeper into China and the market for the alternate energy source.
The other joint venture partners are Beijing SinoHytec Co., Dongfeng Motor Corp. and Guangzhou Automobile Group Co., the companies said Friday. The new Beijing-based entity, which will be 65% owned by Toyota, will be called United Fuel Cell System R&D and start with an initial investment of 5 billion yen ($46 million).