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Ford says fuel cell venture with Daimler will close

Reuters  |  DETROIT 

By Joseph White

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

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

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

<7267.T> and Co are collaborating on fuel cell development, and Motor Corp <7203.T> is ramping up efforts to mass-produce fuel cell stacks. Earlier this week, Inc extended a contract with Volkswagen AG's 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 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 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 in Detroit; Editing by Matthew Lewis)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 01:23 IST