Report: Toyota to cut costs of fuel cell cars’ core technologies by >50% for new model in 2020; cut by 75% by 2025
The Nikkei reports that Toyota Motor plans to slash the cost of the key components of fuel cell cars by more than half for a new model slated to launch in 2020 or later.
While production for of the Mirai, Toyota’s first mass-produced fuel cell model has grown steadily since its introduction in 2014, the car remains pricey at about $63,0000 and has sold only a little more than 5,000 units.
According to the Nikkei report, Toyota plans to reduce the cost of the fuel cell system and other components further after the next-generation model is launched, cutting those costs by three-quarters around 2025.
Toyota targets annual fuel cell vehicle sales of more than 30,000 vehicles globally, including more than 10,000 in Japan.
Toyota is targeting selling more than 5.5 million electrified vehicles in 2030, with at least 1 million coming from zero-emission electric and fuel cell models.
Toyota will market battery-electric vehicles toward short-distance drivers; hybrids, plug-ins and fuel cell cars will be promoted for long-distance use.