Toyota Prices Mirai at $57,500

NEWPORT BEACH, CA – Toyota will allow direct sales of its Mirai fuel-cell vehicle to consumers, setting a purchase price of $57,500.

“It’s a purchase price that sat well with our ‘intender’ focus groups,” Bill Fay, group vice president-Toyota Div. for Toyota Motor Sales U.S.A. says here today at a Mirai backgrounder about feedback from prelaunch chats with potential buyers.

Fay says the purchase aspect is for those consumers who want to own, not lease, new technology.

However, he expects 90% of Mirais sold to be leased, given the popularity of leasing other advanced-powertrain vehicles such as battery-electrics.

The Mirai goes on sale in California in late 2015, with sales expected to follow in 2016 in the northeastern U.S., where some states have adopted California emissions standards.

While Toyota years ago predicted a mass-market FCV costing $50,000 or less, Fay points out that with federal and state tax credits deducted the car could cost $45,000.

He is unfazed by the looming expiration of a $4,000 federal tax credit for FCVs.

“It’s always hard to know what the government will do, but we hope it will be extended into next year,” he says.

Toyota has been talking since last year with municipalities, corporations and universities about fleet sales of the vehicle, but again Fay expects just a 10% fleet ratio for the Mirai.

Those wishing to lease a Mirai will pay $499 per month for 36 months, the same price as competitor Hyundai’s Tucson FCV CUV.

Toyota still is determining many details of the Mirai sales and marketing program and says it will have conversations with buyers who want to buy the car but may not live near a hydrogen refueling station. Hyundai prohibits Tucson FCV sales to buyers outside Southern California’s Los Angeles and Orange counties due to a relatively robust hydrogen refueling infrastructure in those counties.

Unlike other automakers with FCVs, Chris Hostetter, group vice president-strategic planning for TMSUSA, says Toyota has put its money where its mouth is and is investing in infrastructure establishment.

The company has loaned $7.3 million to FirstElement, which will set up 19 hydrogen fuel pumps in California.

Yesterday, Toyota announced a collaboration with industrial fuel supplier Air Liquide of France to build 12 stations in the northeastern U.S. states of Connecticut, Massachusetts, New Jersey, New York and Rhode Island.

The automaker hope other planned hydrogen infrastructure additions and improvements will come to fruition, making FCVs as successful as hybrids have been for Toyota.

Much like those buying the Prius hybrid and other advanced-technology vehicles, Toyota expects Mirai customers to be tech-savvy and have a desire to preserve the environment.

“They want their next car to make them feel like they are part of a movement,” Fay says.

Only select California Toyota dealers will be selling the car and their names and locations will not be released until next year.

Volume in California in fourth quarter 2015 will be restricted to fewer than 200 units but Toyota foresees 3,000 sales of the Mirai, including other states, by the end of 2017, as production of the car in Japan will ramp up.

So far, there have been 1.3 million unique visitors to a website Toyota has established for its FCV, and 14,000 hand-raisers have signed up for more information.

“That’s a great head start for our sales team, but soon we will start translating interest to sales,” Fay says, adding he has challenged his sales team to presell all ’15 units before the car hits the showroom.

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