Toyota Motor Corporation (NYSE:TM) shares are trading lower on Thursday.

Toyota has entered into an expanded collaboration with BMW to advance hydrogen fuel cell technology. The partnership will see the development of a new generation of fuel cell powertrain systems, set to debut with BMW's first series production fuel cell electric vehicle (FCEV) in 2028.

The collaboration leverages Toyota's and BMW's combined expertise in electric drive technologies to enhance the hydrogen economy. The joint effort aims to introduce next-generation fuel cell systems that will be used in both passenger and commercial vehicles, with each automaker retaining distinct brand identities for their models.

Toyota's President, Koji Sato, highlighted the deepened partnership as a significant step toward realizing a hydrogen-based society. The companies plan to accelerate the development of hydrogen infrastructure and low-carbon hydrogen production to support the growth of FCEVs.

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The new fuel cell technology will not only provide a zero-emission alternative for customers but also aims to drive down costs through shared development and procurement. This move represents Toyota's ongoing commitment to a 'multi-pathway' approach to carbon neutrality, complementing their efforts in battery electric and hybrid vehicles.

According to Benzinga Pro, TM stock has gained over 8% in the past month. Investors can gain exposure to the stock via Avantis International Large Cap Value ETF (NYSE:AVIV) and Trust for Professional Managers ActivePassive International Equity ETF (NYSE:APIE).

Apart from this, Toyota is now part of SiriusXM's new three-year Extended Service Subscription program, allowing Toyota and Lexus retailers to offer SiriusXM's audio services with new vehicle purchases, adding value and providing flexible payment options.

"We are pleased to offer the new three-year SiriusXM subscription option as another enhancement for Toyota and Lexus drivers during their journeys," said Jessamine Merrill, general manager, Connected Technologies, Toyota Motor North America. "Including the subscription cost with the vehicle's purchase or lease price helps provide dealers and customers more flexibility and value."

Price Action: TM shares are trading lower by 1.29% to $182.33 at last check Thursday.

Photo by RYO Alexandre on Shutterstock

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.