Zhongtong Bus forms venture to develop fuel cell vehicles
Zhongtong Bus Holding Co., a major state-owned Chinese bus maker, is partnering with electric motor manufacturer Broad Ocean Electric Motors Co. to develop fuel cell powered buses.
The two companies will establish a 500 million yuan ($75 million) joint venture, along with the local government in Liaocheng city in east China’s Shandong province.
Broad Ocean, Zhongton and the Liaoning city government will invest 440 million yuan, 50 million yuan and 10 million yuan respectively.
The venture will develop hydrogen-powered fuel cells, powertrains and a new vehicle platform.
Additional information about the joint venture has not been released.
Zhongtong, incorporated in Liaocheng, delivered 6,466 buses in the first half of the year, down 18 percent from a year earlier. Its buses vary from 5.5 meters to 18 meters in length. Its existing product line includes battery-electric buses and hybrid-powered buses.
Broad Ocean, based in Zhongshan in south China’s Guandgong province, produces electric motors for home appliances and electric vehicles. It can build up to 300,000 electric motors annually for EVs, according to the company’s website.
Both Zhongtong and Broad Ocean are listed on the Shenzhen stock exchange.
Only battery-electric vehicles, plug-in hybrids and fuel cell powered vehicles qualify for China’s government subsidies. To date, no company in China has launched sales of fuel cell vehicles.
Broad Ocean, Zhongton and the Liaoning city government will invest 440 million yuan, 50 million yuan and 10 million yuan respectively.
The venture will develop hydrogen-powered fuel cells, powertrains and a new vehicle platform.
Additional information about the joint venture has not been released.
Zhongtong, incorporated in Liaocheng, delivered 6,466 buses in the first half of the year, down 18 percent from a year earlier. Its buses vary from 5.5 meters to 18 meters in length. Its existing product line includes battery-electric buses and hybrid-powered buses.
Broad Ocean, based in Zhongshan in south China’s Guandgong province, produces electric motors for home appliances and electric vehicles. It can build up to 300,000 electric motors annually for EVs, according to the company’s website.
Both Zhongtong and Broad Ocean are listed on the Shenzhen stock exchange.
Only battery-electric vehicles, plug-in hybrids and fuel cell powered vehicles qualify for China’s government subsidies. To date, no company in China has launched sales of fuel cell vehicles.
