Japanese multinational automotive manufacturer, Toyota Motor Corp will join hands with four other vehicle makers in the country to explore the feasibility of alternative green fuels for internal combustion engine cars, including hydrogen and synthetic fuels derived from biomass.
The companies, which in addition to Toyota include Mazda Motor Corp, Subaru Corp, Yamaha Motor and Kawasaki Heavy Industries, made the announcement at a race track in Okayama, western Japan, where Toyota is racing a hydrogen car. The hydrogen race car is being driven by Toyota chief executive Mr. Akio Toyoda along with other Toyota drivers.
Converting internal combustion engines to green fuels such as hydrogen is technologically difficult, however, doing so would enable the companies to support decades-old existing supply chains by employing hundreds of thousands of workers that they may otherwise have to drop as they switch to building electric vehicles (EV).
As countries across the globe are tightening their environmental regulations to reduce their carbon emissions, leading automakers including Toyota, are ramping up the production of EVs. Japan has said it aims to be carbon neutral by 2050 and is promoting the use of hydrogen fuel.
Further, Toyota plans for 15 EV models by 2025 and is investing $13.5 billion over the next decade to expand battery production capacity. At the same time, however, it is continuing to develop vehicles powered by hydrogen.
Earlier this year, Toyota established a new Climate Fund that aims to invest in startups that can assist the company to achieve its carbon neutrality objective.
