Toyota Launches Hydrogen-Powered Car

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By Douglas A. McIntyre Published
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Not to be bested by floods of new technology aimed at green car buyers and those who want the latest in engine technology, Toyota Motor Corp. (NYSE: TM) has launched a new car. Called the Mirai, the vehicle refuels in a remarkably fast five minutes and can travel 300 miles on a single charge. With falling gas prices and growing competition in both hybrid and electric vehicles, Toyota has a challenge to stand out among the crowd.

Toyota management announced:

In its basic operation, a fuel cell vehicle works much like a battery electric vehicle. But instead of the large drive battery, Mirai’s fuel cell stack combines hydrogen gas from tanks with oxygen to produce electricity that powers the electric motor.

And:

Toyota’s proprietary fuel cell stack represents a major leap forward in performance, delivering one of the world’s best power outputs of 3.1 kW/L at a dramatically reduced size that fits under the front driver and passenger seats. The system provides Mirai with a maximum output of 153hp, accelerating from 0-60 in 9.0 seconds and delivering a passing time of 3 seconds from 25-40 mph.

Drivers who want fast acceleration will have to turn elsewhere.

ALSO READ: Ford F-150 Named 2015 Best Buy

The car also can work as a home generator in case of emergencies, a feature that is almost certainly new among the world’s automobiles:

What’s more, thanks to fuel cell technology’s versatility and adaptability, the Mirai offers performance options that go well beyond a traditional automobile. In fact, the vehicle will be offered with an optional power take off (PTO) device that enables Mirai to serve as a mobile generator in case of emergency. With the PTO accessory, Mirai is capable of powering home essentials in an average house for up to a week in an emergency — while emitting only water in the process.

The car will not be cheap. Toyota seems worried about demand because it will offer the kind of incentives car companies use to clear dealers of inventory:

When it hits the market in 2015, customers can take advantage of Mirai’s $499 per month/36 month lease option, with $3649 due at lease signing, or purchase the vehicle for $57,500. With combined state and federal incentives of $13,000 available to many customers, the purchase price could potentially fall to under $45,000.

Also worth noting, Toyota will only have chargers in five states in the near future.

 In 2016, Air Liquide, in collaboration with Toyota, is targeting construction of 12 stations in five states — New York, New Jersey, Massachusetts, Connecticut, and Rhode Island.

But Toyota will offer free fuel for three years. That may not be enough for people to dump their traditional hybrids.

ALSO READ: Auto Industry Sees 2015 Car Market Even Better Than 2014

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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