Toyota to launch hydrogen fuel cell vehicle next weekNovember 18, 2014
Toyota announces plans to release new fuel cell vehicle in Japan next week
Japanese automaker Toyota will be officially releasing its new hydrogen fuel cell vehicle in Japan next week. The company has been aggressively promoting its new vehicle, suggesting that fuel cells could play a very prominent role in the future of clean transportation. Fuel cells produce electrical power through the consumption of hydrogen, with water vapor being the only byproduct of doing so. As such, these energy systems have become popular alternatives to conventional engines in the auto industry.
Japanese market may be ready for the commercialization of fuel cell vehicles
Toyota was expected to launch its new fuel cell vehicle at some point next year, but the company believes that the Japanese market is ready for the commercialization of these vehicles now. The Japanese government has been investing heavily in the establishment of a working hydrogen fuel infrastructure, which is needed to support the adoption of fuel cell vehicles. The government is also offering financial incentives that may help make fuel cell vehicles more popular among consumers.
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Financial incentives may help make fuel cell vehicles more attractive to consumers throughout Japan
Toyota plans to sell its new fuel cell vehicle for approximately $60,000. The overall cost will be reduced with the help of government initiatives that will provide consumers with financial kickbacks for their purchase of vehicles equipped with fuel cells. With these financial incentives factored in, Toyota’s new fuel cell vehicle is expected to cost approximately $21,000 to $27,000, which puts it on par with other clean vehicles that are powered by batteries.
Toyota may find it difficult to sell its new fuel cell vehicle in other markets
Outside of Japan, Toyota’s fuel cell vehicle may struggle to find traction among consumers. Several other markets lack the fuel infrastructure needed to support fuel cell vehicles and there may not be financial incentives in place to make these vehicles a more attractive investment for consumers. While these vehicles have managed to win some support among consumers, many are still concerned about their high cost and how troublesome it will be to keep these vehicles fueled.