On March 11, the French manufacturer Michelin Group announced a new high-profile news, and it will form a joint venture with the fuel cell technology developer in Paris, the Virginia Group, to develop and produce automotive hydrogen fuel cell systems. .
Some industry insiders said that the continuous fundraising action of the Michelin Group in recent years has shown its "ambition" to broaden the industrial chain. In addition to the main tire industry, the company acquired the conveyor belt company Fenner in 2018 at a price of nearly 10.7 billion people. Previously, it also competed with Bridgestone for the purchase of the car information system company TomTom, and this time began to focus on the development and production of automotive fuel cells.
According to Michelin, the company is well aware of the importance of hydrogen technology in the new generation of zero-emissions flow. It has officially entered the automotive fuel cell field through a joint venture with Virginia. Michelin is also committed to becoming the global leader in hydrogen fuel cell systems. In order to further enhance the competitiveness and influence of the Group.
According to insiders, Michelin has held a minority stake in the partner Group Faurecia Group since 2014. After the agreement is signed, the two parties will become the co-owners of the new company. The name of the new company is tentatively set to Symbio.