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Toyota Aims to Cut Fuel Cell Costs 75% by 2025
Toyota Motor Corp. expects to slash core component costs for its fuel-cell system 50% by 2020 and 75% by 2025.
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Toyota Motor Corp. expects to slash core component costs for its fuel-cell system 50% by 2020 and 75% by 2025, according to The Nikkei.
The company began developing fuel cell vehicles 26 years ago. It introduced its first mass-production fuel cell car, the Mirai sedan, in 2014. Since then it has sold only about 5,000 of the 7 million-yen ($63,200) cars worldwide.
Toyota plans to debut a new fuel cell model within five years, The Nikkei says. By cutting costs significantly by then, the company figures it can hike global sales to more than 30,000 units per year.
Previously Toyota said it will phase out vehicles powered only by piston engines in about 2025. The company predicts its annual sales of vehicles with electrified powertrains—mainly plug-in hybrids—will top 5.5 million units by 2030. About 1 million of the total will be comprised of battery- or fuel cell-powered cars.
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