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
Pompeo Hints At ‘Broader’ Ban on Chinese Apps After Trump’s Executive Orders Targeting TikTok and WeChat
Trending in China: Merchants and Netizens Forced to Pick Sides in Fight Between Delivery Firms
Baidu-Backed Video Streamer iQiyi Probed by U.S. Regulator After Short Seller’s Report
AI Unicorn SenseTime Is Said to Mull Hong Kong, China IPO
Huawei Copies Korean Rivals by Manufacturing Own Display Driver Integrated Chips
JOYY’s Livestreaming Revenue Up 40% in Second Quarter of 2020
Trending in China: ‘Mukbangs’ Under Fire in China Amid High Level Food Waste Campaign
Trending in China: How Will the Chinese Diaspora Survive a WeChat Ban In U.S.?
Online Platform JD.com Buys into Bricks and Mortar Convenience Store Chain
China Unicom Profits Rise in First Half, Stock Soars
ByteDance in Talks with Indian Conglomerate Over TikTok Amid Layoff Fears
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
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