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 also the front runner to mass produce solid-state batteries.
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.
