Toyota Motor Corp said it will commercialize a plant-based biofuel by 2020, produced with a new strain of yeast developed inhouse, the Nikkei business daily reported.
Over the next four to five years the automaker said it will work to develop low-cost techniques to produce the biofuel, the paper said.
Toyota may explore tie-ups with energy companies for mass production to help channelize the tens of billions of yen capital required, the Nikkei reported.
Sales of automobiles that use biofuels have taken off in Brazil and other markets and by reducing production costs, Toyota aims to lower the biofuel's price and bring it on par with gasoline, the business daily said.
