4/21, 2:33 PM (Source: TeleTrader)
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Chevron, Toyota sign memo on exploring hydrogen business

Chevron USA Inc. and Toyota Motor North America Inc. announced a memorandum of understanding on Wednesday to explore a strategic alliance with the goal of developing large-scale, commercially viable businesses in hydrogen.

Chevron and Toyota will focus on public policy measures related to hydrogen, understanding the market demand for electric vehicles, and a joint pursuit in research and development in hydrogen-powered storage and transportation. Representatives of both companies expressed excitement about the upcoming collaboration, with Toyota's Executive Vice President Bob Carter stating that the alliance is "another important step toward building a hydrogen economy."

The alliance is the latest move in Toyota's foray into the electric vehicle market. On Monday, the company announced that it will introduce as many as 15 new electric vehicles within the next four years, bringing its total unit roster to 70 models.

Breaking the News / IV