Chevron Corp.
CVX,
+0.87%
subsidiary Chevron U.S.A. Inc. and Toyota Motor Corp.'s
TM,
+0.56%
jp:7203
Toyota Motor North America Inc. announced Wednesday an alliance to develop commercially viable, large-scale hydrogen businesses. The oil and auto giants will work to advance a global hydrogen economy through strategic priorities including collaborating on public policy measures that support hydrogen infrastructure, exploring supply opportunities from current and future demand for fuel cell electric vehicles and exploring ways to pursue research and development in hydrogen powered transportation and storage. "Working towards a strategic alliance on hydrogen presents an opportunity to build a large-scale business in a low-carbon area that is complementary to our current offerings," said Andy Walz, president of Chevron's Americas Fuels and Lubricants. Chevron's stock has rallied 24.1% over the past 12 months and Toyota shares have climbed 27.7%, while the S&P 500
SPX,
+0.44%
has gained 51.1%.