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Toyota and Thailand's CP Group partner on hydrogen fuel project

Japan automaker says EVs 'not only option' as Tesla and BYD move into market

CP Group Senior Chairman Dhanin Chearavanont, left, and Toyota Motor CEO Akio Toyoda (Photo courtesy of Toyota Motor)

TOKYO -- Toyota Motor will work with Thai conglomerate Charoen Pokphand Group on a project to turn farm waste into fuel for hydrogen-powered cars as the Japanese carmaker insisted electric vehicles are "not the only option" for achieving carbon neutrality.

The project, announced on Wednesday, comes as the Japanese carmaker works to expand its presence in the Southeast Asian nation, where rivals including BYD of China and Tesla of the U.S. are going on the offensive amid a rapid shift to electric vehicles.

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