Toyota Establishes New Hydrogen Fuel Cell Joint Venture with Chinese Auto Companies

The Japanese company Toyota Motor Corp doubles its commitment to the development of vehicles with hydrogen fuel cells. The automakers announced a new venture on Friday with Chinese automakers FAW Group, Dongfeng Motor, Beijing Automotive, GAC, and hydrogen fuel cell developer Beijing Sino Hytec. The joint venture is called the United Fuel Cell System R&D (Beijing) Co., Ltd. (FCRD). The main activity of the FCRD will be the development of fuel cell systems for commercial vehicles in China. Toyota's total investment will be around 5.02 trillion yen ($ 46 million). The company said in a statement that it would own a 65% stake in the new joint venture.