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Ford says fuel cell venture with Daimler will close

Ford says fuel cell venture with Daimler will close

By Joseph White

DETROIT (Reuters) - Ford Motor Co and Daimler AG are winding down a joint venture formed to develop automotive fuel cell technology, Ford said on Wednesday, as both companies plan to take their respective fuel cell technology development in-house.

The Automotive Fuel Cell Cooperation Corp venture, based in Burnaby, British Columbia, will close this summer, Ford said in response to an inquiry by Reuters.

Despite years of research and investment by major automakers and startups, vehicles powered by fuel cells remain a tiny niche in the global vehicle market.

Honda Motor Co <7267.T> and General Motors Co are collaborating on fuel cell development, and Toyota Motor Corp <7203.T> is ramping up efforts to mass-produce fuel cell stacks. Earlier this week, Ballard Power Systems Inc extended a contract with Volkswagen AG's Audi unit to work on fuel cell development.

Ford "will take fuel cell stack development in-house, as well as leverage the supply base, and close Automotive Fuel Cell Cooperation Corp. by summer 2018," the Dearborn, Michigan, automaker said. "Both companies will continue to explore ways to cooperate on developing fuel cell stack modules."

Daimler Chief Executive Dieter Zetsche earlier this year indicated that the German automaker was shifting its focus towards battery-electric vehicles.

The venture employed about 200 people, according to its website.

(Reporting by Joe White in Detroit; Editing by Matthew Lewis)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jun 14, 2018 02:05 AM

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