Toyota Expects Price Parity on Fuel Cell Cars by 2029

Toyota Motor Corp. predicts fuel cell-powered cars will cost no more than hybrids within 10 years.

Matt Harrison, who heads Toyota’s sales and marketing in Europe, tells a conference that the goal will be achieved by the time Toyota rolls out its third-generation fuel cell system, Automotive News Europe reports.

The company’s first-generation Mirai fuel cell sedan (pictured) retails in Japan for about 7.2 million yen ($65,300). Toyota assumes a base price of $59,400 in the U.S., where it offers three-year leases for the car at $350 per month.

Harrison didn’t indicate how the price of fuel cell technology would drop. But analysts say price is heavily influenced by the amount of platinum required. One consultant tells ANE the next-generation Toyota design will probably slash platinum use by two-thirds.