Toyota to form joint venture in China for fuel-cell vehicles
TOKYO, NNA - Toyota Motor Corp. will form a joint venture with Chinese fuel-cell maker Beijing SinoHytec Co. to manufacture key systems for fuel-cell vehicles.
Toyota and SinoHytec signed a contract Monday to set up the 50-50 venture, Toyota Sinohytec Fuel Cell Co., with a total investment of about 8 billion yen ($72.8 million).
The Japanese automaker and SinoHytec are currently engaged in research and development activities on fuel-cell buses.
The new venture will be located in the Beijing Economic-Technological Development Area, a hub for high-end manufacturing in the Chinese capital, and start operations in 2023 with an initial production capacity of 3,000 units a year of fuel-cell components.
Last August, Toyota and five other companies formed a joint venture, United Fuel Cell System R&D (Beijing) Co., to develop systems for fuel-cell vehicles. The Toyota Sinohytec Fuel Cell venture is designed to manufacture and sell these systems. (NNA/Kyodo)