Ford Sells Stake in Fuel-Cell Venture to Daimler
Ford Motor has divested its stake in its fuel-cell development joint venture to its partner Daimler, reported Bloomberg.
Ford’s withdrawal from the joint venture is expected to lead to the elimination of approximately 65 jobs as Daimler suspends work on Ford-related projects and integrates the business.
According to the report, Ford plans to test fuel cells internally. In addition, it will continue to cooperate on fuel cell research through its stake in Automotive Fuel Cell, which is 50.1% owned by Daimler, 30% by Ford and 19.9% by Ballard Power Systems.
Ford reportedly plans to concentrate its resources on mid-term and mature technologies by focusing on hybrids, electric vehicles, and improving combustion engines.
