Toyota aims to sell 5.5 million electric vehicles per year by 2030 and invest $13 billion to reach this objective. The company’s long-term plan is another step in making EVs mainstream and laying a foundation for mass penetration in the future.
Hydrogen vehicles refill in the same short period of time as conventional gasoline vehicles—considered an advantage over natural gas and electric vehicles.
Toyota is hoping its Mirai hydrogen fuel cell vehicle will mirror the success of the Prius hybrid. But important questions remain regarding storage, range, infrastructure, and the cost of hydrogen fuel.
Critics of hybrid, hydrogen and plug-in electric vehicles have pointed to clean diesel as a common-sense solution that environmentalists were ignoring for ideological reasons. The only problem is that Volkswagen had to cheat to sell them in the U.S.
Against a backdrop of verbal sparring between electric and hydrogen vehicle manufacturers, early rumors suggest that BMW is investing heavily in both alternative fuel technologies.