Investor Alert

Oct. 5, 2020, 2:47 p.m. EDT

Toyota, Hino team up to build fuel cell electric trucks for North America market

Toyota Motor Corp.'s (NYS:TM) (TKS:JP:7203) North America subsidiary and Hino Trucks announced Monday an agreement to jointly develop a heavy duty (Class 8) fuel cell electric truck for the North America market. The initial demonstration is expected in the first half of 2021. The companies said the collaboration, which will use the Hino XL Series chassis and Toyota's fuel cell technology, expands upon the agreement announced earlier this year to develop a 25-ton fuel cell electric truck (FCET) for the Japanese market. Toyota had acquired majority ownership of Hino Motors in 2001. Toyota's stock, which rose 0.1% in afternoon trading, has lost 6.2% year to date, while shares of electric truck maker Nikola Corp. (NAS:NKLA) have run up 126.6% this year and the S&P 500 (S&P:SPX) has gained 5.1%.

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