Toyota Motor Corp, the world's third-largest automaker, will lease its hydrogen-powered, fuel-cell passenger vehicles to the Japanese government from Dec. 2.
The world's largest automaker by market value will lease the fuel-cell hybrid vehicles, or FCHVs, under 30-month leases for Japanese Yen 1.2 million (US$9,921) a month, it said in a statement. The monthly cost is about the same as buying a 1-liter compact car in Japan.
"It's not a viable option in the short- to mid-term for everyday consumers" because of the price, said Kurt Sanger, an analyst at ING Securities (Japan) Ltd. "But it's an important step to develop fuel cell vehicles," he said, adding that it's vital for the government to participate in the program to make the fuel-cell vehicles more popular.
Automakers are investing billions of dollars to develop autos that meet stricter environmental rules. Fuel cells, used in spacecraft for decades, create electricity by combining hydrogen and oxygen, and under ideal conditions produce only steam as a byproduct. Toyota in 1997 began selling in Japan the low-emission Prius, the world's first gasoline-electric car.
Toyota will initially lease one FCHV to each of four ministries -- the Cabinet Secretariat, the Ministry of Economy, Trade and Industry, the Ministry of Land, Infrastructure and Transportation and the Ministry of the Environment. The company said it will eventually lease the models to other government organizations and energy-related businesses.
The FCHV weighs 1,860kg, compared with a typical 1,200kg-1,500kg for a sport-utility vehicle. The fuel-cell vehicle can reach speeds as high as 155kph, Toyota said.
The maker of Camry sedans accelerated plans to lease its FCHV after road tests in Japan and the US, Toyota said. The automaker said it's "on track" to lease the FCHV this year in the US and will soon release details on its plans.
A total of 20 of the vehicles, based on the Kluger-V sport-utility vehicle, will be leased to organizations and companies in Japan and the US, the company said in July. The Kluger-V is sold in the US as the Highlander.
Toyota shares fell 1.9 percent to Japanese Yen 3,120 at the end of Tokyo trading. Honda shares were unchanged at Japanese Yen 4,400 and Nissan shares fell 3.6 percent to Japanese Yen 945.
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