Six Companies Establish R&D Joint Venture for Commercial Vehicle Fuel Cell Systems for the Creation of a Hydrogen-based Society in China
Six companies (listed below) that share a common vision for the widespread use of fuel cell electric vehicles (FCEVs) in China today signed a joint venture agreement for the establishment of United Fuel Cell System R&D (Beijing) Co., Ltd. (FCRD). FCRD's primary business will be the development of fuel cell systems for commercial vehicles to contribute to the realization of a clean mobility society in China. Each company, including Toyota Motor Corporation and Beijing SinoHytec Co., Ltd. will invest in the joint venture. Dong Changzheng will be appointed chairman and Ryu Akita will be chief executive officer (CEO). Plans call for FCRD to be established in Beijing during 2020.