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(Yicai Global) Aug. 21 -- Japan’s largest carmaker Toyota Motor, FAW’s hydrogen fuel cell engine unit Beijing SinoHytec and four Chinese auto manufacturers have set up a joint venture to develop fuel cell technology for commercial vehicles.
Formed yesterday, United Fuel Cell R&D Beijing has JPY1.67 billion (USD15.8 million) in registered capital, according to enterprise information platform Tianyancha.
Toyota is the largest shareholder with a 65 percent stake, while SinoHytec is second with 15 percent. State-backed Dongfeng Motor, Guangzhou Automobile, First Automotive Workshop and Beijing Automotive Group each own 5 percent.
Editor: Ben Armour