Toyota Motor Corporation TM announced that the new Toyota Mirai hydrogen fuel cell electric vehicle will be the longest-range zero-emission vehicle in the market. Toyota Mirai has achieved the EPA-estimated driving range rating of 312 miles per tank. The vehicle will be introduced in California this fall.
Toyota announced that the Mirai is the only zero-emission electric vehicle that surpasses the 300 mile range milestone. Thus, it will provide tough competition to Tesla Motors, Inc.’s TSLA Model S which has an EPA rating of 270 miles per tank. Additionally, EPA rated Mirai at 67 miles per gallon equivalent (MPGe) on city or highway or combined.
Back in the 1990’s, Toyota believed that electric vehicles were crucial to the future of the automobile industry. Thus, almost 20 years ago Toyota's Prius brand introduced hybrid-electric vehicles. Toyota now believes that hydrogen cars will be more popular in the future as these will offer efficient transportation. Also, hydrogen vehicles can be refueled within a few minutes like conventional vehicles. On the other hand, electric vehicles take time to get charged. However, hydrogen vehicles will face a challenge due to the limited number of refueling stations.
California is set to establish a network of 100 hydrogen fuel stations. The state plans to set up 46 hydrogen fuel stations by the end of the year.
Toyota Mirai is a four-door, mid-size sedan which offers performance similar to conventional internal combustion engines. It generates electricity using hydrogen, oxygen and a fuel cell, and emits only water vapor in the process.
Toyota currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the auto industry include Autoliv, Inc. ALV and PACCAR Inc. PCAR, both carrying a Zacks Rank #2 (Buy).
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