Toyota Motor Corp. set a price for its new fuel cell vehicle, a midsized car named "Mirai" for $57,500 before tax credits.
The Mirai was unveiled on a scheduled press conference on Monday, Nov.17 and is Toyota's entry to the modern vehicle era, with a hydrogen-powered car concept.
The pricing makes the 300-mile-range vehicle go head-to-head with the Tesla Motors Inc. Model S electric vehicle priced at $81,000 with a 265-mile range battery.
Toyota compares the Mirai to its Prius hybrid in terms of groundbreaking nature. The Mirai uses hydrogen to create electricity with only water as a byproduct, making it cleaner, environmentally friendly and with non-hazardous emissions.
The Mirai will be available next year in the United States but Toyota only expects to sell a few hundred to limit deliveries to locations near hydrogen fueling stations.
"I believe this technology is going to change our world, and sooner rather than later," said Satoshi Ogiso, a managing officer for the Toyota City, Japan-based company at an event in Newport Beach, Calif.
Toyota is already searching for buyers even before the game-changing vehicle arrives next year, according to U.S. Sales chief Bill Fay. Toyota only plans to make 700 Mirai in 2015, but plans to boost production to thousands in five years.
The fuel cell car is eligible for a $8,000 federal tax credit and state credits in several states.
On a side note, Honda announced that is delaying the arrival of its own fuel cell vehicle from 2015 to March 2016 while it is still working on fallouts from major recalls.
Another car manufacturer, Hyundai Motor Co. came into the hydrogen fuel car business long before the two giants came along with their Tucson.
As of the moment, Toyota is leading a new era of hydrogen fuelled cars that makes it more economical and practical than electric cars.
Hydrogen fuelled cars can be refuelled quickly for five minutes or less, have a longer range, and much cheaper than electric batteries.
10 years ago, fuel cells had a very high price tag that prototype vehicles using them cost $1 million to produce. Though prices dropped down significantly since then, hydrogen-fueled cars are still twice as expensive as gasoline-fueled vehicle.
