Toyota share price up, announces release dates and prices on its Mirai fuel-cell car

Toyota Motor Corp said that the Mirai, or “future” in Japanese, will be released on the market on December 15 in Japan, with launches in the U.S. and Europe due next summer and September, respectively.

In the U.S. the fuel-cell technology car will be purchased for $57 500, in Europe the vehicle will be priced at €66 000 and in Japan customers could buy the Mirai for ¥7.24 million. However, prices are projected to drop with government subsidies and tax credits taken into consideration.

Shipments of the four-person sedan are expected to be 200 in the U.S. next year, said Toyotas executives at a press conference in California. The price of the Mirai is projected to go below $45 000 after federal and state incentives. The vehicle will also be obtainable on a three-year lease plan for $499 per month.

In Japan, early buyers of the car will be entitled to around 3 million yen in subsidies in some areas, government officials have said. The strategy is similar to the one used with Toyotas Prius, which led to global domination of hybrid sales and production.

Toyota projected Mirai worldwide sales in 2015 to reach 700 vehicles, while customers in Europe are expected to annually buy around 100 units starting 2016. In the U.S. the company projected sales of 3 000 fuel-cell car by 2017.

Using the fuel-cell technology, which uses electricity generated by cells via combining hydrogen with oxygen, the car can go up to 500 kilometers on a full tank, which can be refilled in under 3 minutes.

“I believe this technology is going to change our world, and sooner rather than later,” said Satoshi Ogiso, a managing officer at Toyota.

Globally car manufacturers, which are under heavy regulatory pressure related to carbon dioxide emissions, remain uncertain on which eco-friendly technology should they choose. Companies like Tesla and Nissan prefer the battery-powered electric vehicles, while Toyota and Honda are going with the fuel-cell.

Upon arrival in the U.S. the Mirai will become the fourth available vehicle, that runs on hydrogen. Currently customers can purchase the Hyundai Tucson Fuel Cell, Mercedes-Benz F-Cell and the Honda FCX Clarity.

“Gasoline has been the primary fuel for the first 100 years of the automobile,” said Chairman Takeshi Uchiyamada, the father of the Prius. “I believe that hydrogen will be the same for the next hundred years.”

Toyota Motor Corp gained 2.53% on Tuesday and closed at JPY 6 998 in Tokyo, marking a one-year increase of 10.20%. The company is valued at JPY 23.33 trillion. According to the Financial Times, the 25 analysts offering 12-month price targets for Toyota Motor Corp have a median target of JPY 8 000, with a high estimate of JPY 9 400 and a low estimate of JPY 7 000. The median estimate represents a 14.32% increase from the last price of JPY 6 998.