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)
