Toyota Motor to invest $13.5 billion in EV battery tech development by 2030
Toyota Motor Corp has announced that it anticipates investing more than $13.5 billion by 2030 to develop batteries and its battery supply system to lead in the key automotive technology over the next decade.
The world's leading automaker by volume, which pioneered hybrid gasoline-electric vehicles with the popular Prius, is now moving rapidly to deliver its first all-electric line-up next year. Considered a leader in developing batteries for electric vehicles, Toyota stated it intends to reduce the cost of its batteries by 30 percent or more by working on the materials used and the way the cells are structured.
"Then, for the vehicle, we aim to improve power consumption, which is an indicator of the amount of electricity used per kilometer, by 30 percent, beginning with the Toyota bZ4X," Masahiko Maeda, Chief Technology Officer said
The company is also the front runner to mass produce solid-state batteries - a potential game-changer for automakers because they are more energy-dense, charge faster, and are less prone to catching fire. If developed effectively, they could replace liquid lithium-ion batteries.
While it was still grappling with the short service life of these cells, Maeda said there was no change in Toyota's target to begin manufacturing solid-state batteries by the mid-2020s. "We are still searching for the best materials to use," he said.
Endeavors to mass produce solid-state batteries have stumbled as they are expensive to manufacture and are susceptible to crack when they expand and contract during use. Toyota also intends to use solid-state batteries in hybrid electric vehicles such as the Prius, it said.