SHANGHAI – Toyota Motor Corp. and Hyundai Motor Group, while lagging far behind domestic automakers in capturing a share of China’s booming electric-vehicle sales, are on track to penetrate the local market for fuel cell vehicles.
Toyota and Hyundai are recognized global leaders in FCV development. But what has enabled them to get a leg up on rivals on the new front in China is a pragmatic approach to exploring the market.
Starting in 2018, the Chinese government allowed foreign automakers to establish wholly owned local subsidiaries to produce electrified vehicles, including FCVs.
Rather than going solo, Toyota and Hyundai both opted to team up with local companies to jointly commercialize the FCV market.
Toyota in 2020 formed an R&D partnership for fuel cell system development with Beijing-based fuel cell developer SinoHytec Co. and four major state-owned Chinese automakers…
Toyota, Hyundai gain traction with push into fuel cells
