Toyota and five Chinese firms to set up fuel cell system development company-CnEVPost

Toyota recently announced that in order to popularize hydrogen fuel cell vehicles (FCEVs) in China, it has joined forces with five Chinese companies to establish a commercial vehicle a fuel cell system development company.

The five Chinese companies are China FAW, Dongfeng Motor Group, Guangzhou Automobile Group Co. Ltd., Beijing Automotive Group Co. Ltd. and Beijing Sino Hytec.

The new company is called United Fuel Cell System Research and Development (Beijing) Co. Jointly funded by the companies, it is expected to be formally established in Beijing within 2020.

Specific capital contribution: 65% for Toyota, 15% for EWTC, 5% for FAW, 5% for Dongfeng, 5% for GAC, and 5% for BAIC.

The number of employees is about 50, which is expected to be gradually increased to about 100 in 2023.