Toyota Motor Corp stated on Tuesday it will spend over $13.5 billion by 2030 to develop batteries and its battery supply system, according to a report by Reuters on Tuesday.
- Toyota is looking to cut the cost of its batteries by 30% or more by working on the materials used and how the cells are organized.
- Chief Technology Officer Masahiko Maeda stated that they aim to improve power consumption, which indicates the amount of electricity used per kilometer, by 30%, starting with the Toyota BZ4X.
- The Japanese automaker is also the front runner to mass produce solid-state batteries- a likely game-changer for automakers as they are more energy-dense, charge faster and are less prone to catching fire.
Maeda further stated that despite struggling with the short service life of these cells, there was no change in Toyota’s target to commence manufacturing solid-state batteries by the mid-2020s. Toyota up +0.43%.