Toyota and BMW make a big bet on hydrogen EVs as part of a new collaboration

BMW (OTCPK:BMWYY) announced on Thursday that it is working together with Toyota Motor (NYSE:TM) to advance hydrogen fuel cell technology and expand fuel cell electric vehicle options available to drivers.

As part of the hydrogen collaboration, BMW (OTCPK:BMWYY) and Toyota (TM) said they are pooling their innovative strength and their technological capabilities to bring a new generation of fuel cell powertrain technology to the roads. Both companies aim to advance the hydrogen economy and have extended their collaboration to push this locally zero-emission technology to the next level.

BMW (OTCPK:BMWYY) plans to launch its first-ever fuel cell series production vehicle in 2028, introducing a further all-electric and locally emission-free option to our drivetrain portfolio. In partnership with Toyota (TM), BMW (OTCPK:BMWYY) plans to develop the powertrain system jointly for individual branded vehicles, with core fuel cell tech creating synergies for both commercial and passenger vehicle applications.

“This is a milestone in automotive history: the first-ever series production fuel cell vehicle to be offered by a global premium manufacturer. Powered by hydrogen and driven by the spirit of our cooperation, it will underscore how technological progress is shaping future mobility,” stated BMW (OTCPK:BMWYY) Chairman Oliver Zipse. “And it will herald an era of significant demand for fuel cell electric vehicles,” he added.

The big bet on hydrogen from the two automobile majors is of interest to manufacturers going in a different direction, including Tesla (TSLA), General Motors (GM), Honda (HMC), Ferrari (RACE), Ford (F), Hyundai (OTCPK:HYMTF), Nissany (OTCPK:NSANY), Mercedes-Benz (OTCPK:MBGAF), Volkswagen (OTCPK:VLKAF), Rivian Automotive (RIVN), NIO (NIO), XPeng (XPEV), Li Auto (LI) and Subaru (OTCPK:FUJHY).