In addition to Toyota Motor Corporation, the companies China FAW Corporation, Dongfeng Motor Corporation, Guangzhou Automobile Group, Beijing Automotive Group and Beijing SinoHytec are participating in the new joint venture. The number of employees is expected to rise from an initial 50 to 100 in the medium term.
The market for fuel cell vehicles - especially commercial vehicles - is growing at an enormous pace in China. With the new JV, the companies intend to shorten the time from the development of fuel cell systems to market launch. The focus is on developing reliable, competitive and cost-effective components and systems.
The six partners will provide FCRD with a capital of five billion yen, according to Toyota. This is equivalent to around 40 million euros. The JV is being set up because the partners are convinced that the basis for the widespread introduction of FCEV is open structures rather than action by individual companies, the companies say in a press release.