Tesla Motors (TSLA) is about to get some competition from Japanese auto giant Toyota (TM).
Toyota is taking on the luxury automaker with a hydrogen fuel cell-powered sedan priced around $70,000 — roughly the same as the TSLA Model S. Toyota says the new sedan — which hasn’t been officially named yet — can recharge in three minutes and boasts a cruising range of about 430 miles, TheVerge notes.
Toyota’s reputation for fuel-efficient cars is well established with its popular Prius line of hybrids. The company has decided not to follow TSLA’s lead with all-battery powered electric cars, opting for fuel cells, instead.
The new Toyota hydrogen fuel cell-powered sedan will become available in Japan in April of next year. It will hit the U.S. and Europe during the summer of 2015.
In Thursday morning trading, both TSLA and TM shares climbed slightly.
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