Toyota partners with Chinese auto companies to develop hydrogen fuel cell systems

Toyota HQ.jpg
The Toyota signage is seen at the entrance of the North American Headquarters in Plano, Texas, U.S.

Japanese automaker Toyota Motor Corp said on Friday it would launch a new China joint venture with Chinese auto companies to develop fuel cell systems.

Toyota said it will launch the Beijing-based venture with FAW Group, Dongfeng Motor, Beijing Automotive, GAC and Beijing SinoHytec.

The total investment amount will be about 5.02 billion yen (an equivalent of $46 million), Toyota said in a statement, adding it will hold a 65% share of the venture.

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