Toyota Motor Corporation (NYSE: TM) and BMW AG (OTC: BMWYY) are set to deepen their collaboration on fuel cell vehicles (FCV) to boost the competitiveness of their hydrogen-powered cars.
Per Nikkei Asia, under this expanded partnership, which is expected to be officially announced on Sept. 5, 2024, Toyota will supply essential components like hydrogen tanks and fuel cell systems to BMW, which will then manufacture and sell mass-produced FCVs over the next few years.
Toyota and BMW originally teamed up on FCV development in 2012 to create greener vehicles amid stricter environmental regulations. Hydrogen fuel-cell vehicles produce only water as emissions and don't face the range anxiety associated with battery electric vehicles (BEVs). They also refuel as quickly as traditional internal-combustion-engine vehicles. However, FCVs are currently expensive to produce, resulting in low profit margins, and require hydrogen ...
