(Yicai Global) June 5 -- Toyota Motor is taking a controlling stake in a new China-based joint venture that aims to develop hydrogen fuel cells for use in the Japanese carmaker's vehicles, among others.

Toyota will have a 65 percent stake in the JV and Tsinghua University-based SinoHytec 15 percent for a corresponding share of the total JYP5 billion (USD45.9 million) investment, news outlet Tencent Motor reported today.

FAW Group, BAIC Motor, Dongfeng Motor, and GAC Group will each take a 5 percent stake.

The JV will hire 50 employees first, and hike its headcount to 100 by 2023.

Editor: Emmi Laine