Toyota’s CEO of North America, Jim Lentz, stated that electric vehicles are useful for short distance travel but remain less effective when long distance travel is needed. He cited that the limited range of their battery packs were the main reason for consumer’s concerns. This comes after Toyota’s recent decision to end its deal with Tesla to supply powertrains to Toyota’s electric Rav4.
Lentz commented, “It was time to either continue (building the vehicles) or stop. My personal feeling was that I would rather invest my dollars in fuel-cell development that in another 2,500 EVs” Hydrogen fuel cell vehicles are more efficient and less expensive to produce, so it seems like the best decision going forward. Lending FirstElememt Fuel Inc. 7 million dollars already, Toyota is investing in development of a fuel-cell network in California. It is estimated that Toyota will have 50 refueling stations by the end of 2018.
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