Toyota (TM) to Evaluate Hydrogen Fuel Cell Vehicles in UAE
Toyota Motor Corporation TM will start testing its hydrogen fuel cell vehicle (FCV) in the UAE. This underlines the automaker’s plan to gauge the potential of the zero-emissions fuel technology in hot and dry conditions.
Toyota will join hands with Abu Dhabi National Oil Co – a green energy firm in Abu Dhabi – and French industrial gases company Air Liquide SA to analyze the scenarios for hydrogen production, logistics and business feasibility. The company will be conducting driving and refueling tests in the UAE using its Mirai FCV. In Nov 2014, the company had introduced Toyota Mirai, which was commercially launched in Japan on Dec 15, 2014.
Toyota is focused on the development of new FCVs. The company projects the sale of 30,000 FCVs annually by 2020. The automaker is focused on creating a hydrogen-based society which will use the zero-emission fuel to power homes and vehicles. Notably, the hydrogen-based society idea is also promoted by the UAE – the leader of next-generation clean energies. However, the lack of hydrogen fueling stations has been hurting FCV sales.
Toyota Motor Corp Ltd Ord Price
Toyota Motor Corp Ltd Ord Price | Toyota Motor Corp Ltd Ord Quote
Price Performance
Toyota underperformed the Zacks categorized Auto-Manufacturers-Foreign industry over a year. Share price of the company increased 2.9% over the past one year while the industry saw an 8.1% increase. This was largely due to the slashed guidance for earnings, operating income and revenues for fiscal 2017. Settlement of a U.S. truck lawsuit, string of product recalls and declining sales outside Japan also dented the share price.
Zacks Rank & Key Picks
Toyota currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include Oshkosh Corporation OSK, Fox Factory Holding Corp FOXF and GKN plc GKNLY.
Fox Factory sports a Zacks Rank #1 (Strong Buy). The company has an expected earnings growth rate of around 16.6% for the current year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Meanwhile, Oshkosh Corporation and GKN carry a Zacks Rank #2 (Buy). Oshkosh Corporation has a long-term growth rate of 8.4% while the same for GKN is pegged at 6.3%.
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TOYOTA MOTOR CP (TM): Free Stock Analysis Report
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