June 5, 2020 / 8:08 AM / 2 months ago

Toyota to launch hydrogen fuel cell venture with Chinese auto firms

FILE PHOTO - The Toyota logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Benoit Tessier

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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