NAGOYA, Japan -- Facing tepid demand for hydrogen fuel cell vehicles due to their high price tags, Toyota Motor plans to slash the cost of the key components of the zero-emission cars by more than half for a new model slated to launch in 2020 or later.
The Japanese automaker started development of fuel cell vehicles in 1992 and debuted the Mirai, its first mass-produced model, in 2014. Production capacity for the Mirai has grown steadily, but the car remains pricey at about 7 million yen ($63,049) and has sold only a little more than 5,000 units.
