Toyota Motor this week announced it is establishing a new joint venture in China to manufacture hydrogen fuel cell systems to power electric vehicles.
Japan’s leading automaker is reported to have signed an agreement with Chinese fuel cell maker Beijing SinoHytec Company to form a 50:50 joint venture called Toyota Sinohytec Fuel Cell Company.
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The new company will have an initial paid up capital of JPY8bn (US$73m) and will be based in Beijing Economic-Technological Development Area, a high-end manufacturing hub located in the Chinese capital.
It is scheduled to start operations in 2023 with an initial production capacity of 3,000 fuel cell systems per year.
Toyota is part of a five-company joint venture established in China last June, called United Fuel Cell System R&D (Beijing) Company, dedicated to the development of hydrogen fuel cell systems for buses. The new joint venture is being established to produce these systems.
Earlier this year Hyundai Motor also announced plans to establish a company in Guangzhou in China’s Guangdong province, called Hyundai Motor Company HTWO, to produce and sell hydrogen fuel cell systems for vehicles.
