Hong Kong (CNN Business) Many of the world's top carmakers may be racing to make plug-in electric vehicles in response to the climate crisis, but Toyota is hedging its bets by backing an alternative source of power for its cars.

The Japanese company revealed a new version of its hydrogen-powered vehicle on Friday, doubling down on its bet that fuel cells will help secure Toyota's future as the industry comes under enormous pressure to slash carbon emissions.

Toyota TM is driving forward with the Mirai, its hydrogen-powered fuel cell electric car, offering a redesigned version that the company said boasts "significantly greater range, improved driving performance, and an elegant, sporty design that offers increased passenger room and comfort."

The new hydrogen-powered sedan is built on the same platform as Toyota's luxury Lexus brand's LS sedan and LC coupe.

Compressed hydrogen gas is combined in a fuel cell with oxygen from the atmosphere to produce electricity that is then stored in a battery. The only byproduct of that process is water, meaning hydrogen vehicles don't expel harmful emissions.

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