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Key Takeaways
- BMW and Toyota are teaming up to develop hydrogen fuel cell technology.
- The two carmakers will jointly develop the powertrain system for passenger vehicles that will be used in models for both.
- BMW said it plans to offer its first-ever series production fuel cell electric vehicle (FCEV) in 2028.
German automaker BMW Group and Japan’s Toyota Motor (TM) have announced a collaboration agreement to develop hydrogen fuel cell electric vehicle (FCEV) technology.
The agreement will have the two carmakers jointly develop the powertrain system for passenger vehicles, which will be utilized in individual models by both companies.
BMW said it planned to launch its first-ever series production FCEV in 2028, with Chair Oliver Zipse calling it “a milestone in automotive history.”
Zipse explained that “powered by hydrogen and driven by the spirit of our cooperation, it will underscore how technological progress is shaping future mobility.” Zipse added that “it will herald an era of significant demand for fuel cell electric vehicles.”
Firms Share Belief in ‘Technology Openness’
Toyota President Koji Sato added that the two firms “share the same passion for cars and belief in ‘technology openness’ and a ‘multi-pathway’ approach to carbon neutrality,” as they aim for “the realization of a hydrogen society.”
Any financial considerations relating to the new partnership were not mentioned in the press release.
American depositary receipts (ADRs) of Toyota Motor are down 1% at $182.66 in midafternoon trading Thursday, and are essentially flat year-to-date.