Toyota(TM.US) and BMW announce "strong alliance" to bet on hydrogen-powered electric vehicles

Market VisionThursday, Sep 5, 2024 9:50 am ET

1min read

BMWYY.US announced on Thursday that it will collaborate with Toyota(TM.US) to advance hydrogen fuel cell technology and expand the availability of fuel cell electric vehicles.

As part of the hydrogen cooperation, BMW and Toyota said they are pooling their innovation strengths and technological capabilities to bring the next-generation fuel cell powertrain technology to application. Both companies are committed to advancing the hydrogen economy and expanding cooperation to take this local zero-emission technology to a new height.

The two companies will offer customers more options by equipping more passenger cars with fuel cell systems. BMW plans to collaborate with Toyota to jointly develop powertrain systems for various brand cars, with its core fuel cell technology creating synergies for commercial vehicles and passenger cars.

Moreover, BMW plans to launch its first series-produced fuel cell production vehicle in 2028, introducing further fully electric and local zero-emission options to its transmission system product portfolio.

The two companies are also committed to building a sustainable hydrogen supply network. The two companies said they will promote sustainable hydrogen supply by creating demand and working closely with hydrogen producers and refueling and replenishing fuel facilities, considering the need to create demand clusters in the early stage of popularization to ensure stable supply and reduce costs.

Oliver Zipse, Chairman of BMW, said, "This is a milestone in automotive history: the world's leading premium manufacturer is offering a mass-produced fuel cell car for the first time. With hydrogen power and our spirit of cooperation, it will highlight how technological advancements shape future mobility. It will herald an era of strong demand for fuel cell electric vehicles."

It is worth noting that the two auto giants' huge bet on hydrogen has also aroused interest from different directions, including Tesla(TSLA.US), General Motors(GM.US), Honda(HMC.US), Ferrari(RACE.US), Ford(F.US), Hyundai, Nissan, Mercedes-Benz, Volkswagen, Rivian(RIVN.US), Netauto(NIO.US), Xpeng(XPEV.US), Li Auto(LI.US) and Subaru.

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