Toyota: No More Gas Cars By 2050

(RTTNews) - Japanese car giant Toyota Motor Corp. (TYT.L, TM) has announced its plans to reduce carbon emissions by 90 percent from its production vehicles by 2050.

By 2050, Toyota expects its product portfolio to mostly be made up of next-generation vehicles with low or zero CO2 emissions-- hybrid, plug-in hybrid, electric, and fuel cell vehicles.

According to a report from The Wall Street Journal, Toyota aims to sell 1.5 million hybrid vehicles by 2020 and over 30,000 hydrogen-powered vehicles around the same time.

Currently, gasoline-powered vehicles account for around 85 percent of Toyota's annual production.

Toyota's decision comes at a time when the auto industry has been hit by Volkswagen crisis. The German car company is facing a hefty fine after it admitted last month that it installed software in diesel vehicles that deceived US environmental regulators.