Toyota Motor Corp (NYSE:TM) is reportedly planning to turn its focus on selling hydrogen-powered trucks and cars in Europe and China.
The move is a part of the Japanese automaker's ambition to sell 200,000 of hydrogen fuel-cell vehicles by 2030, reported Reuters.
Toyota has been focusing on passenger cars sales and the North American market so far. So, the latest plan marks a shift in the automaker's growth focus.
"This may be a strange way of putting it, but 200,000 is not a big number," the report quoted Chief Technology Officer Hiroki Nakajima.
"We believe this number and more can be achieved."
Also Read: Toyota Motor North America Records US Sales Increase Of 14.9% In June
A hydrogen fuel cell vehicle uses an electric motor like an EV but gets power from a fuel stack in which hydrogen is separated by a catalyst to produce electricity.
In May, Toyota and Daimler Truck Holding (OTC:DTRUY) concluded a memorandum of understanding to combine their truck operations in Japan. They also collaborated on developing hydrogen and other CASE technologies to support the competitiveness of the new company.
The report noted that Toyota expects the global fuel cells market growth to be about $35 billion by 2030.
Also Read: Toyota Gets $841M Support From Japan To Boost Domestic EV Battery Capacity
Price Action: TM shares are trading lower by 1.24% at $158.25 on the last check Tuesday.