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Toyota wants to virtually eliminate gasoline consumption by 2050

As part of its goals to achieve new environmental targets, Toyota Motor Corporation has said it will eliminate carbon emissions by 90 percent from its production processes by 2050, compared to 2010 levels. The expansive plan, reported by The Wall Street Journal, is part of Toyota's broader strategy that includes selling 1.5 million hybrid vehicles by 2020. Toyota also said it aims to sell over 30,000 hydrogen-powered vehicles around the same time. For its long-term initiative, Toyota envisions a product portfolio made up of a range of hybrid, electric, and hydrogen-powered vehicles.

Toyota products will be a mix of hybrids, electrics, and fuel cells in 2050

The news comes shortly before the launch of the fourth generation Toyota Prius that the company says is 20 percent more fuel-efficient than the current model. The new, lighter Prius powertrain has been redesigned to improve fuel efficiency on all models. Prius was once the car synonymous with green technology, but as the hybrid and electric car market has expanded, Prius sales have slipped. The 2016 Toyota Prius will arrive in dealerships next year. Toyota is also taking orders on the hydrogen-powered Mirai, which the first US customers will receive this month. Gasoline- and diesel-powered vehicles make up about 85 percent of Toyota's sales.

"It wouldn't be easy for gasoline and diesel cars to survive," said senior managing officer Kiyotaka Ise to a media group, according to The Wall Street Journal. "With such massive decline in engine-powered cars, it's like the world is turning upside down and Toyota has to change its ways." The announcement was released as Volkswagen faces penalties, massive losses and widespread fallout from the continued revelations about the emission cheating scandal on its diesel vehicles. If Toyota's predictions play out, 35 years from now, fuel stations will no longer have the dizzying odor of gasoline.