By Christiana Sciaudone
Investing.com -- Legacy vehicle makers are charging ahead with alternative fuel options. The question is, hydrogen-fueled or electric? Take your pick.
General Motors Co (NYSE:GM). is getting into the electric cargo van business via BrightDrop, a new wholly owned company whose customers will include FedEx (NYSE:FDX). Corp. The company plans to sell electric pallet movers early this year and a similarly powered van by the end of the year. BrightDrop will also offer fleet management software and services.
Not to be outdone, Renault (PA:RENA) is forming a 50-50 joint venture with Plug Power (NASDAQ:PLUG) to build hydrogen-fueled delivery vans in Europe. The companies plan to start production by early 2022, targeting over 30% of the fuel cell powered light commercial vehicle market in Europe. They'll also offer the hydrogen-fueling stations to supply them.
It's the latest deal for a company that's seen its shares jump more than 800% since June as investors look for the next Tesla (NASDAQ:TSLA). It surged as much as 21% on the news, while GM rose as much as 8.8%.