Ford Motor Company, Mercedes-Benz's parent company Daimler AG and the Renault-Nissan Alliance announced on Monday that they signed a three-way agreement concerning the joint development of a common fuel cell electric vehicle system.
The deal, which was signed in Yokohama, Japan, by Tomas Weber (Daimler), Raj Nair (Ford ) and Mitshuhiko Yamashita (Nissan), aims to accelerate the development time of fuel cell technology, maximize design commonality and reduce costs through economies of scale.
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