Honda Motor Co., Ltd.
Toyota Motor Corporation
) have plans to introduce fuel-cell vehicles in the consumer
market by 2015, according to sources. Both automakers intend to
produce around 1,000 eco-friendly vehicles per year.
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Honda and Toyota's fuel cell vehicles will provide better mileage
compared to the electric vehicles. Fuel cells utilize hydrogen in
order to generate electricity. The hydrogen together with air
creates water and electricity. The fuel cell then channelizes the
electricity to a start motor. The initial price of the vehicle is
estimated to be around 10 million yen or $97,700.
Honda plans to launch the five-passenger sedan deploying fuel
cell in Nov 2015. The vehicle will have a hydrogen tank made of
carbon fiber and will cover a distance of 500 kilometer on a
single charge, which is double the mileage provided by the
electric sedan. The company plans to sell 5,000 vehicles over the
next five years in Japan, the U.S and Europe.
Toyota's fuel cell vehicles will also target the Japanese,
European and U.S market in 2015. Toyota plans to increase the
annual output to 10,000 vehicles by 2020. In addition, to capture
a larger market, Toyota intends to slash prices by about 3-5
million yen or $29,300-$48,900 in 2020.
Nissan Motor Co. Ltd.
) and Renault SA have cited obstacles like lack of recharging
infrastructure and an expensive hydrogen infrastructure that
impede the sale of fuel cell cars. Consequently, Nissan and
Renault have deferred the launch of fuel cell vehicles.
In order to reduce costs, automakers are developing fuel cell
vehicles jointly. Honda and
General Motors Company
) are collaborating to develop fuel cell vehicles while Nissan
has formed alliances with other automakers to launch fuel-cell
vehicles within the next five years.
Currently, Honda and Toyota both retain a Zacks Rank #2