Benzinga | Nov 15, 2021 11:21AM EST

Toyota Aims To Run Cars On Hydrogen As Other Automakers Turn To EVs

* Toyota Motor Corp's (NYSE:TM) experimental hydrogen car claims to preserve millions of auto jobs, Reuters reports as claimed in an U.N. climate conference.

* A converted GR Yaris engine running on hydrogen powers the colorful Toyota Corolla Sport. The viability of such a powerplant commercially could keep internal combustion engines running in a carbon-free world.

* By 2025, Toyota aims to have 15 EV models and is investing $13.5 billion over a decade to expand battery production.

* At the Glasgow meet, leading automakers, including General Motors Co (NYSE:GM), Ford Motor Co (NYSE:F), Sweden's Volvo AB (OTC:VLVLY), and Daimler AG's (OTC:DMLRY) Mercedes-Benz pledged to phase out fossil-fuel cars by 2040.

* "We don't want to be seen as an EV maker, but as a carbon-neutral company," Toyota Vice Chairman Shigeru Hayakawa said.

* "If the adoption of carbon-free fuels happens quickly, that could bring the first battery EV boom to an end," as per an auto analyst.

* "Hydrogen has long been known as a potential low-carbon transport fuel, but establishing it in the transport fuel mix has been difficult," the IEA said.

* Price Action: TM shares closed higher by 0.33% at $185 on Friday.