Joint Venture for Fuel Cell Commercial Vehicles in China
Six companies have founded a joint venture in China to develop fuel cell systems for commercial vehicles. Toyota holds a 65 percent stake in the joint venture.
The Chinese joint venture United Fuel Cell System R&D (FCRD) is headquartered in Beijing. Toyota Motor Corporation, China FAW Corporation, Dongfeng Motor Corporation, Guangzhou Automobile Group, Beijing Automotive Group and Beijing SinoHytec plan to collaborate in furthering the development of fuel cell systems for commercial vehicles in China.
Toyota holds a 65 percent stake in the joint venture; the number of employees is set to increase from an initial staffing level of 50 to 100 over the medium term. As the market for fuel cell vehicles is rapidly growing in the Chinese commercial vehicles sector, the companies plan to accelerate the development and introduction of inexpensive fuel cell systems.