Toyota, the renowned automaker, has set its sights on the hydrogen fuel cell vehicle markets in Europe and China, with a goal of selling 200,000 hydrogen vehicles by 2030.
This expansion comes as part of Toyota’s strategy to tap into the immense potential of hydrogen as a clean energy source and increase its presence in key global markets.
While Toyota sold only 3,900 hydrogen vehicles in 2022, the company aims to make a significant leap in sales over the next decade. According to a Reuters report, Toyota believes that the hydrogen markets in Europe, China, and North America will be the largest by 2030, with rapid growth expected in the overall fuel cell market.
To achieve its ambitious targets, Toyota has established the Hydrogen Factory, a new unit focusing on three key areas:
Localization: Toyota plans to localize research and development (R&D) and production activities in major markets, particularly in Europe and China. By establishing local bases, the company aims to accelerate efforts in advancing hydrogen technologies and meeting the specific demands of each region. In 2020, Toyota formed the Fuel Cell Business Group in Europe to oversee hydrogen activities across the continent.
Strengthening Alliances: Toyota aims to forge strong partnerships with leading companies in the industry, consolidating the production of fuel cells to deliver more affordable solutions to customers. By leveraging alliances, Toyota seeks to increase the availability and accessibility of fuel cell vehicles.
Enhancing Competitiveness and Technology: The automaker is committed to driving the innovative evolution of next-generation fuel cell technologies. Toyota has set a target of achieving a 37% cost reduction in fuel cell technology, making it more competitive in the market. By improving efficiency and lowering costs, Toyota aims to overcome one of the current challenges in widespread hydrogen adoption—the high price of hydrogen itself.
Toyota acknowledges the importance of collaboration in advancing the hydrogen ecosystem. The company recognizes that to promote the widespread use of hydrogen, it must work closely with partners to address the entire value chain, from production to transportation and utilization.
As Toyota expands its hydrogen fuel cell vehicle presence beyond North America, it is poised to contribute to the global decarbonization efforts and drive the adoption of clean and sustainable transportation solutions.
