Six companies establish R&D joint venture for commercial vehicle fuel-cell systems
Six companies aiming to create widespread use of fuel-cell electric vehicles (FCEVs) in China signed a joint venture agreement for the establishment of United Fuel Cell System R&D (Beijing) Co., Ltd. (FCRD).
FCRD's primary business will be the development of fuel-cell systems for commercial vehicles in China. Each company, including Toyota Motor Corporation and Beijing SinoHytec Co., Ltd. will invest in the joint venture. Dong Changzheng will be appointed chairman and Ryu Akita will be chief executive officer (CEO). Plans call for FCRD to be established in Beijing during 2020.
The six companies participating in the joint venture are as follows:
- China FAW Corporation Limited (FAW)
- Dongfeng Motor Corporation (DFM)
- Guangzhou Automobile Group Co., Ltd. (GAC Group)
- Beijing Automotive Group Co., Ltd. (BAIC Group)
- Beijing SinoHytec Co., Ltd. (SinoHytec)
- Toyota Motor Corporation (Toyota)
These companies decided to form the joint venture due to their belief that the current FCEV growth in China couldn't be met by one company alone. The six companies are expected to formulate product plans and create a single streamlined structure to develop a series of technologies from components, including FC stacks and FC system controls that support those components, to vehicle installation. The companies believe that by doing this, the lead time from development to commercialization will be substantially shortened, making it possible to dramatically increase the pace of each stage of FCEV proliferation in the Chinese commercial vehicle market.
For more information, visit https://global.toyota/en.