ANTHONY WALLACE/AFP via Getty Images
Visitors view a BMW iX5 hydrogen fuel cell SUV at the World Climate Industry Expo (2024 WCE) held at BEXCO in Busan, South Korea on September 4, 2024.
Key Points
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BMW and Toyota are teaming up to develop hydrogen fuel cell technology.
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The two car manufacturers will jointly develop the passenger car drive system that will be used in both models.
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BMW said it plans to launch its first-ever series-production fuel cell electric vehicle (FCEV) in 2028.
German carmaker BMW Group and Japanese Toyota Motor (TM) have announced a collaboration agreement to develop hydrogen fuel cell electric vehicle (FCEV) technology.
The agreement sees the two automakers jointly develop the powertrain system for passenger cars, which will be used by both companies in separate models.
BMW said it plans to launch its first-ever series-production FCEV in 2028, with Chairman Oliver Zipse calling it “a milestone in automotive history.”
Zipse explained that “powered by hydrogen and driven by the spirit of our collaboration, it will highlight how technological advances are shaping the future of mobility.” Zipse added that “it will usher in an era of significant demand for fuel cell electric vehicles.”
Companies share belief in ‘Technological openness’
Toyota President Koji Sato added that the two companies “share the same passion for automobiles and believe in ‘technological openness’ and a ‘multi-pathway’ approach to carbon neutrality” as they strive to “realize a hydrogen society”.
The press release made no mention of financial considerations regarding the new partnership.
American depositary receipts (ADRs) Toyota Motor shares fell 1% to $182.66 on Thursday afternoon, essentially flat from a year ago.
Read the original article at Investopedia.
