By Max Bernhard
Daimler AG (DAI.XE) and Ford Motor Co. (F) plan to close a joint venture formed to develop fuel-cell technology, Daimler said Thursday.
"The two companies will continue their development activities independently from each other at their own sites from summer 2018, and will therefore close the Automotive Fuel Cell Cooperation in Burnaby, Canada," Daimler said.
The maker of Mercedes-Benz cars said the two partners have reached their goals in the joint development of fuel-cell stacks.
The technology was once regarded as a way to lower automotive emissions but fuel-cell vehicles have remained a niche market, with most car makers now focusing on the development of electric vehicles.
Daimler and Ford are reviewing possibilities to further cooperate in the development of fuel-cell stacks, Daimler said.
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