June 5, 2020 / 8:17 AM / a month ago

Toyota to launch hydrogen fuel cell venture with Chinese auto firms

FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su/File Photo

SHANGHAI (Reuters) - 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 ($46 million), Toyota said in a statement, adding it will hold a 65% share of the venture.

($1 = 109.3300 yen)

Reporting by Yilei Sun and Brenda Goh; editing by Jason Neely

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