(Yicai Global) March 27 -- Chinese carmaker Haima Automobile said it has signed a deal with the local investment arm of Japan’s Toyota Motor to promote hydrogen fuel cell-powered passenger vehicles in China.
The two companies will use China’s southern Hainan province as a testing ground, Haikou-based Haima said on March 25, citing an agreement the pair inked a day earlier.
Toyota Motor China Investment will bring mature components and systems, such as Toyota Mirai’s second-generation electric pile, to Haima models, complete vehicle adaptation development, and conduct tests with Haima’s self-built hydrogen supply system and travel network, it added.
Haima and Toyota aim to bring 200 test autos into operation this year and 2,000 by 2025, the Chinese firm noted. Once China’s hydrogen fuel cell car market reaches a certain scale, the two companies will explore the use of Hainan Free Trade Port’s zero-tariff import policy to strengthen their tie-up, Haima said.
Toyota has never supplied hydrogen fuel cell systems to a Chinese passenger carmakers before, but it has supplied several China-based commercial vehicle producers since April 2019, gradually improving its development, manufacturing, market investment, and service processes in the country.
Established in 1988, Haima researches, develops, makes, and sells autos and offers services, logistics, and finance. Its auto sales fell 17.4 percent to 24,400 units in the 12 months ended Dec. 31 from a year earlier.
Shares of Haima [SHE: 000572] closed 1.9 percent higher at CNY5.44 (79 US cents) apiece today, brining the stock’s gain to 13.6 percent so far this year.
Editor: Martin Kadiev