Toyota financing deal with Ford deals in excess of $20 billion
Toyota is in talks to finance $20B in financing for a $20 Billion investment in Ford’s Ford Fusion and Focus electric vehicles, sources told CNBC.
Ford’s investment is in a new venture called Fuel Cell Fusion, the companies said in a statement.
The finance deal would be announced by Ford CEO Mark Fields later today, the statement said.
The investment would be made in a financing package with the Ford Fusion, a $37,500 hybrid electric vehicle, the Fusion and Fusion Hybrid.
The Fusion Hybrid would offer a range of up to 200 miles, the company said.
Ford said that its investment would create “thousands of jobs” in Michigan, Wisconsin, Ohio, Pennsylvania, Michigan, and New York.
Toyota’s investment in the Fusion would be financed by a new credit line, the automaker said, but the credit line would not include any financing from Ford.
The company said it is not disclosing the exact amount of money it is funding Ford, but Ford said that it is expected to raise $1.3 billion from investors, including the Japanese carmaker’s own Ford Group.
The company said that Ford will also make investments in the company’s existing electric vehicle portfolio, including Ford’s Fusion Hybrid, Fusion Fuel Cell and Fusion EV.
Toyota’s announcement follows a $1B investment from Japanese car giant Toyota in the maker of the Toyota Prius hybrid vehicle.
“Ford is a global leader in electric vehicles and a leader in fuel cell vehicles,” Fields said in the statement.
“This investment would support the continued growth of our electric vehicle business, including its launch of Fusion Hybrid vehicles and Fusion FuelCell vehicles.”
Toyotas Fusion Hybrid is the companys first new hybrid vehicle since Toyota announced its first hydrogen fuel cell vehicle, which is now being sold in the United States.
Fuel Cell Fusion is a hybrid electric car that combines hydrogen with gasoline to produce electricity, with the goal of providing more sustainable energy than current electric vehicles.
“We are thrilled to be partnering with Ford on this important investment, which will further advance our commitment to building the best fuel cell electric vehicles on the planet,” Ford CEO Fields said.
“Fuel Cell is a great opportunity for Ford to continue expanding its portfolio of electric vehicle opportunities.”
Fusion Hybrid is a gasoline powered hybrid vehicle that is being developed by Toyota’s own hydrogen research division.
Fuse Fuel Cell is the name of the company that manufactures the Fusion Hybrid Fuel Cell.
The product is designed to be more efficient than other fuel cell hybrid vehicles and offers up to 80 miles of range per kilowatt-hour of energy produced, according to Toyota.
According to a press release, Ford is investing $7.5B in a fuel cell-powered hybrid vehicle called the Fusion EV, which would compete with the likes of Tesla’s Model 3.
Toysota has a long history of investing in energy-efficient, fuel-efficient vehicles, and its latest investment comes as it is investing more heavily in clean energy and alternative transportation, including electric cars.
In March, Toyota announced that it would invest $6.8B in fuel cells for a range-topping vehicle called Fusion Hybrid and a $6B fuel cell energy storage system.
As part of its investment in electric vehicle maker Fusion, Toyota is also looking to expand its fuel cell and hydrogen business to include other fuel-cell vehicles, including fuel cells in its Fusion Hybrid line of vehicles, as well as hydrogen fuel cells, the same types of fuel cells that Toyota is investing in.