TOKYO — Toyota Motor Corp. is teaming up with five Chinese companies including Beijing Automobile Group Co. and China FAW Corp. to develop fuel cells for commercial vehicles, seeking to push deeper into China and the market for the alternate energy source.
The other joint venture partners are Beijing SinoHytec Co., Dongfeng Motor Corp. and Guangzhou Automobile Group Co., the companies said Friday. The new Beijing-based entity, which will be 65 percent owned by Toyota, will be called United Fuel Cell System R&D and start with an initial investment of 5 billion yen ($46 million).
