Platinum is primarily used in catalytic converters to reduce emissions. The platinum-based converters are employed in diesel-based vehicles. The Volkswagen scandal had dented the outlook for the metal and boosted the demand for palladium-based converters that are used in gasoline-based cars. However, as platinum plunged to a seven-year low, Toyota boosted the outlook for platinum. Volkswagen’s manufacturer aims to reduce the pollution emitted by its vehicles. As Toyota is opting to make fuel-efficient vehicles, the Japanese government is willing to back the company’s initiative. Toyota launched its first fuel cell car, the Mirai, for the European market on Thursday. These fuel cell cars require platinum.
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