Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Did Sichuan Forget to Tell Chongqing About Their Joint Olympic Bid?
Alibaba’s Healthcare Unit Finds Tonic for Profits
Trending in China: Beijing Tackles Parking Shortage With Shared Spaces
Chinese Wireless Telecoms Operators Join Forces to Build 5G Base Stations to Reduce Costs
Ruhnn, Another U.S.-Listed Chinese Company Looks to Go Private
Unicorns surge to 500 in number as US and China account for 70%
Trending in China: Social Media Comes Out in Support of High Quality Fakes
Xiaomi-Backed IoT-Enabled Appliance Maker Sees Revenues Grow While Profits Slump
Chinese Startup WeRide Reports Promising Robotaxi Results
Trending in China: God recalls his hand – tributes to Maradona from Chinese social media after his death
Tesla to Manufacture Electric Car Chargers in China
China Restricts Livestreaming Spending and Blocks Underage Users from Tipping Performers
TikTok Granted One-Week Extension of Forced-Sale Deadline
Chinese Online Language Educator 51Talk Speaks the Language of Profit
Trending in China: Are Elderly ‘Collateral Damage’ in Increasing Technological Cashless World?
Trending in China: Black and White ‘Little Miracle’ Born to 22-Year-Old Panda in Washington
Facing U.S. Sanctions, Huawei May See Global Smartphone Share Slump to 4% in 2021
Chinese LGBTQ Dating App Owner BlueCity Acquires Youth-Focused Gay Platform Finka
Xiaomi-Backed Smart Wearables Maker Huami Sees Profits Slump Despite Revenue Growth
Baidu Maps Illegally Using Other Chinese Firm’s Mapping Info, Court Finds.
Toyota to Develop Hydrogen Fuel Cell with Chinese Companies

By Ding Yi / Jun 08, 2020 05:27 PM / World

Photo: VCG

Photo: VCG

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.

Hydrogen fuel cell vehicles are widely seen as one of the most eco-friendly cars as they run on electricity generated from a chemical reaction of compressed hydrogen and oxygen and emit only water. In addition, the vehicles have some advantages. They can cruise for longer distances on a single charge and don’t need to be charged as long as pure electric vehicles.

In recent years, China has promoted the use of hydrogen fuel cell technology, describing it as a key new-energy technology to replace traditional petroleum-based engines.

In April, the Chinese government set out a target of building industrial chains for hydrogen energy generation and hydrogen fuel cell vehicles within four years.

Last year, China shifted 2,737 units of hydrogen fuel cell vehicles, many of which were public buses and commercial vehicles used for logistics, according to statistics from the China Association of Automobile Manufacturers.

An Limin contributed to this report.

A previous version of this story incorrectly referred to advantages of hybrid vehicles as shortcomings.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Toyota and BYD Launch EV Joint Venture in China

Share this article
Open WeChat and scan the QR code