Toyota has announced plans to set up a Beijing-based joint venture with five Chinese companies, aiming to develop hydrogen fuel cells for commercial vehicles, and diversify its China-focused investments that already involve electric cars and self-driving technology.
With an initial investment of 5 billion yen ($46 million), the joint venture, named United Fuel Cell System R&D (Beijing) Co., Ltd., will be officially established by the end of 2020, with Toyota holding a 65% stake, the Japanese automaker said in a statement Friday.
The five Chinese companies are Beijing SinoHytec, FAW, Dongfeng Motor, Guangzhou Automobile Group and Beijing Automotive Group, the statement revealed.
It was announced that Beijing SinoHytec, which produces hydrogen fuel cell engines and is set to float shares on Shanghai’s Nasdaq-style high-tech Star Market, will control 15% of the joint venture, while the other four will take a 5% stake each - link
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