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Toyota announces production increase for Mirai fuel cell vehicle

Toyota is building them. People are coming. So Toyota's going to build some more. Cue the strings. The Japanese automaker apparently got more than it bargained for after starting sales of its first mass-produced hydrogen fuel-cell vehicle last month. On Thursday, Toyota announced plans to ramp up production starting next year. Toyota will build 700 Mirai units this year, and will then bump that to 2,000 vehicles next year and 3,000 in 2017. The previous production plan had the same numbers, except for what would happen in 2017. The increase is coming because Toyota's already received pre-orders for 1,500 Mirai vehicles. With US and European sales slated to start later this year, Toyota didn't want to leave itself short-stocked. Toyota confirmed what was already being surmised last month by the Japanese newspaper Nikkei, which said that Toyota was ready to spend almost $170 million boosting production capacity of the Mirai. Most of this year's sales will be in Japan, with the US and Europe gradually accounting for a larger chunk starting next year. In November, the automaker disclosed details of the Mirai's initial US sales, saying that the model will be available in California this year for either a base price of $57,500 or a lease price of $499 a month for 36 months (with $3,649 due at signing). And if that sounds steep, remember that the hydrogen refueling, wherever it can be found, is free for as long as three years. Check out Toyota's press release on the bumps in production below. Toyota to Increase 'Mirai' Production Toyota City, Japan, January 22, 2015-Toyota Motor Corporation today announced that it will increase production of the "Mirai" fuel cell sedan, which launched in Japan on December 15, 2014. The new plan calls for production to increase from the 2015 level of 700 units to approximately 2,000 units in 2016 and approximately 3,000 units in 2017. Considering the approximately 1,500 orders received in the first month of sales in Japan, and the upcoming launches in Europe and the United States later this year, it was decided that the supply structure should be adjusted to reflect the level of demand for the vehicle. Sales plans for Japan, the U.S. and Europe following the production increases will be formulated taking into consideration each region's level of hydrogen infrastructure development, energy policies, car-purchasing subsidies, consumer demand, environmental regulations, and other factors.

Recharge Wrap-up: Qualcomm invests in Chargemaster, gamers will appreciate these Toyota Prius C ads

Chargemaster has received an investment from Qualcomm for wireless charging in the UK. Of the 27,000 charging stations it has already installed, 10,000 are ready to be adapted for inductive charging, according to Chargemaster. Dr. Anthony Thomson of Qualcomm says that with this investment (of a currently undisclosed amount), "we are taking another step towards deployment of a convenient and easy to use WEVC network." The convenience of wireless charging not only makes life easier for current EV drivers, but could also help convince more people to make the switch to electric driving. Read more at EV Fleet World or at Hybrid Cars. Toyota has released Japanese ads for the Prius C using music from popular video games. The ads, which borrow scores from Dragon Quest III and Monster Hunter, also use the tagline "Fun to drive, again." While some may find the link between driving and role-playing video games tenuous, fans of green cars and gaming know the various feedback displays in cars like the Prius C can make eking out every last mpg possible feel like a game, with the car's Eco Score essentially the equivalent of a game's high score. Plus even if the reference is lost on a viewer, the ads do instill a sense of adventure. See and hear for yourself in the videos below, and read more at Kotaku. The electric vehicle charger (EVC) market is predicted to grow by significantly worldwide by 2020, according to a new report. It shows a predicted compound annual growth rate of 28.28 percent between 2013 and 2020. Level 2 charging station sales will expand from $0.2 billion in 2014 to $3.5 billion by 2020, while growing from $67 million in 2013 to about $947 million in 2020 in the US alone. For 2014, residential EVC sales currently make up 70 percent of those in the US, while sales between home and non-residential level 2 chargers is expected to be about equally divided by 2020. Read more in the press release below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.