Why Toyota Motor Stock Popped on Tuesday
Toyota Motor (NYSE: TM) stock raced 3% higher through 9:50 a.m. ET Tuesday after Nikkei Asia reported on a strengthening alliance between the Japanese automotive titan and Germany's (OTC: BAMXF) (OTC: BMWYY).
According to the report, BMW is hoping to produce a mass-market hydrogen fuel cell automobile in a few years -- and wants Toyota to help.
Toyota and BMW will officially announce their expanded partnership early next month at a BMW media roundtable, says Nikkei Asia. The companies are already partnering on fuel cells, but progress has been slow. Toyota, the senior partner in this fuel cell partnership, has managed to sell fewer than 25,000 Toyota Mirai hydrogen fuel cell cars in 10 years of trying. BMW's BMW iX5 Hydrogen car, meanwhile, is still experimental.
Source Fool.com
BMW AG ADR Stock
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