Toyota Motors and Shudao Group jointly established Shudao Toyota Hydrogen Energy Technology Co., Ltd.

Toyota Motor and Shudao Investment Group Co., Ltd. announced the establishment of Shudao Toyota Hydrogen Energy Technology Co., Ltd., which focuses on the production, sales and service of hydrogen fuel cell products. It is expected to be established and put into operation in 2024, adopting the Toyota production method to create a production system that meets the needs of the Chinese market. The company's business covers the entire hydrogen fuel cell industry chain, with a particular focus on the promotion of hydrogen energy for large trucks. Toyota plans to release the third-generation hydrogen energy system this year, with a range of 772 kilometers and a cost reduction of 40%.