toyota has sold only around 11000 hydrogenpowered mirai since the models debutby katrina hamlin hong kong japans auto giants can navigate the hydrogen hype tokyo wants cleaner vehicles like fuelcell models to replace gas guzzlers by the mid2030s its reminiscent of beijings push into electric cars but unlike startups in the peoples republic that became hooked on handouts 52 billion honda and 249 billion toyota can enjoy a smoother ride for decades chinabacked battery power to reduce smog and oil imports encouraging hundreds of entrepreneurs to enter the market but fluctuating policy tested startups mere months after teslawannabe nio went public its secondquarter net loss nearly doubled as beijing slashed subsidies reducing grants available to buyers of its es8 sports utility vehicle by around 80 compared with the previous year advt japans government first revved up investment into hydrogen in 2014 still toyota has sold only around 11000 hydrogenpowered mirai since the models debut that year it is reminiscent of chinas young electricvehicle ventures like li auto which had only delivered some 10000 cars before listing in new york in 2020 now tokyo is putting hydrogen in the fast lane prime minister yoshihide sugas commitment to ramp up consumption could lower prices and increase investment into infrastructure like charging stations reducing hassle and also running costs for drivers fuel distribution and retail account for about 60 of endusers outlay according to the hydrogen council and mckinsey the government also offers generous subsidies to reduce sticker prices offsetting the high cost of the hardware the experiment could catch investors imaginations much like chinas startups have nio and li auto are valued at around 93 billion and 27 billion respectively though neither has turned a profit hydrogen technology stocks are already on a tear in north america where shares in fuelcell products designer ballard and fuelcell energy specialising in power plants have risen more than 200 and 1400 respectively over 12 months toyota and honda wont offer a pure play on the theme they continue to make traditional combustion engines as well as electric and hybrid models unlike startups scale allows them to spread bets on the next big thing that leaves much to win and relatively little to lose for japans automakers reuters published on feb 9 2021 at 1019 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app hydrogen fuel hydrogen fuel cell electric vehicles electric cars mirai homenewsoil lubesjapans auto giants could ignite hydrogen hype