Japanese automotive giant Toyota will hold the controlling stake in a Beijing-based, ¥5 billion ($47 million), six-way joint venture devoted to developing fuel cell-driven commercial vehicles, the company has announced.
The Japanese marque will hold a 65% interest in the planned United Fuel Cell System R&D (Beijing) Co Ltd unit which is set to be constituted this year. Chinese fuel cell vehicle specialist Beijing SinoHytec will have a 15% holding and state-owned Chinese auto companies FAW, Dongfeng Motor, Guangzhou Automobile Group and Beijing Automotive Group will each hold a 5% stake in the venture.
A statement issued by Toyota on Friday said the JV “will support the proliferation of FCEVs [fuel-cell electric vehicles] for the creation of a hydrogen-based society in China and, by promoting and developing FCEVs, will contribute to solving environmental issues including reducing CO2 emissions and curtailing air pollution and [will] work to facilitate the formation of an even better mobility society in China.”
Reporting on the planned investment, the CX Tech technology news portal of Chinese newswire Caixin Global on Monday stated the Chinese government had in April announced an intent to establish industrial supply chains for hydrogen generation and fuel cell vehicles within four years.
Toyota operating officer Shigeki Terashi said: “There is no other automobile market with such a sense of speed and I am extremely confident that we will gain partners we can work with toward the shared target of expanding the use of FCEVs in China.”
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