Money
Toyota promises $13.5 bln investment in EV tech
One of the world’s largest automotive companies has made a major commitment to the future of electric cars
Toyota Motor Corp has revealed it anticipating to spend more than $13.5 billion by 2030 on electric car technology.
The car manufacturer stated it will spend the cash on developing batteries and battery-supply plants in a major bid to become a leader in the EV tech over the next 10 years.
Toyota is the world’s largest automaker by volume and has pioneered hybrid gasoline-electric cars with the popular Prius model. Toyota is now moving rapidly to deliver its first all-electric line-up in 2022.
The industry considers the car giant to be a leader in developing batteries – especially for EV’s.
Toyota is promising to slash the costs of batteries by 30% or more, by improving what materials are used
“Then, for the vehicle, we aim to improve power consumption, which is an indicator of the amount of electricity used per kilometer, by 30%, starting with the Toyota bZ4X,”
Chief Technology Officer Masahiko Maeda told a briefing, referring to an upcoming compact SUV model.
Toyota is also the front runner to mass produce solid-state batteries.
Those battery types are a potential game changer for automakers due to them being more energy dense, while also having the ability to charge faster and are less prone to catching fire.
If developed successfully, they could replace liquid lithium-ion batteries.
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