Ford Motor Co
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 and General Motors Co
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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.