Daimler and Ford to Close Fuel-Cell Joint Venture

Date : 06/14/2018 @ 6:03AM
Source : Dow Jones News
Stock : Ford Motor Company (F)
Quote : 11.99  0.0 (0.00%) @ 6:30AM

Daimler and Ford to Close Fuel-Cell Joint Venture

Ford Motor (NYSE:F)
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   By Max Bernhard 
 

Daimler AG (DAI.XE) and Ford Motor Co. (F) plan to close a joint venture formed to develop fuel-cell technology, Daimler said Thursday.

"The two companies will continue their development activities independently from each other at their own sites from summer 2018, and will therefore close the Automotive Fuel Cell Cooperation in Burnaby, Canada," Daimler said.

The maker of Mercedes-Benz cars said the two partners have reached their goals in the joint development of fuel-cell stacks.

The technology was once regarded as a way to lower automotive emissions but fuel-cell vehicles have remained a niche market, with most car makers now focusing on the development of electric vehicles.

Daimler and Ford are reviewing possibilities to further cooperate in the development of fuel-cell stacks, Daimler said.

 

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

June 14, 2018 05:48 ET (09:48 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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