Japan based automotive manufacturer Toyota Motor Corp. (TYO: 7203) is set to develop alternative green fuels for internal combustion engine cars including hydrogen and synthetic fuels extracted from biomass.
The company made this announcement during the past weekend further adding that it will be conducting this initiative in partnership with other four Japanese vehicle manufacturers with which it will explore the possibility of this project.
The other four companies include; Subaru Corp. (TYO: 7270), Kawasaki Heavy Industries (TYO: 7012), Mazda Motor Corp. (TYO: 7261) and Yamaha Motor (TYO: 7272).
The chief executive officer of Toyota, Akio Toyoda, has been on the forefront pushing the initiative to come up with a hydrogen powered car. Countries across the world are also championing for greener energies in the automotive industry considering this will reduce carbon emissions which is becoming a global environmental concern.
Leading auto manufacturers have been increasing production of electronic vehicles which seems to be gaining momentum with each passing day. For instance, Toyota is planning to launch 15 electric vehicle models by the year 2025.