(Yicai Global) March 30 -- Japanese car giant Toyota Motor will together with Chinese hydrogen fuel cell engine developer Beijing Sinohytec set up a joint venture for the production of fuel cell systems for commercial vehicles in China.

Each party will inject half of the investment capital of JPY8 billion (USD70 million) for an equal stake in the JV, according to separate announcements by the two firms.

Toyota Sinohytec Fuel Cell will be based in Beijing and create 70 jobs, they said. The first products should be released before the end of the year. No details on annual capacity were given.

This is the second JV for Toyota and Beijing-based Sinohytec which teamed up in April 2019 together with four Chinese automakers to establish a company to develop fuel cell technology.

Toyota is a world leader in fuel cell tech and already manufactures the hydrogen fuel cell vehicle Mirai.

Editor: Kim Taylor