Toyota will spend $13.6 billion on battery development to win the electric war

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Toyota Motor Corporation Update

Toyota will invest 1.5 trillion yen (US$13.6 billion) in battery development and supply over the next ten years, as the world’s largest automaker aims to compete in cheaper and more durable electric and hybrid vehicles Stay ahead.

The Japanese group outlined its plan as it tried to calm criticism of its slow shift to electric vehicles because of its Dominance In hybrid vehicles that use gasoline and battery power at the same time.

Executives said the company has established a partnership with Tesla supplier Panasonic, and the company is also expected to develop next-generation solid-state batteries by 2025.

Solid-state batteries provide faster charging times, longer driving ranges, and are safer than current batteries using liquid solutions, although Toyota says the short lifespan is a serious disadvantage.

Toyota’s chief technology officer Maedahiko Maeda said at a briefing on Tuesday: “We can’t be optimistic yet, and there are challenges.”

“We feel determined [the short lifetime as] One problem brings us one step closer to commercialization,” he said, adding that the company will use solid-state batteries in hybrid vehicles to bring the technology to market faster.

Other global heavyweights include Samsung, BMW and Honda are all working hard to bring this technology to the market at the same time.

In order to achieve the transition to electric vehicles to achieve carbon emission reduction targets, rival Volkswagen has ordered $14 billion in batteries from Northvolt in the next ten years.The German car manufacturer also stated that it will Build or open By 2030, there will be 6 battery factories in Europe.

Geely has stated that it will spend 5 billion U.S. dollars to build a new battery factory in Ganzhou, while Stellattis will spend more than 30 billion euros in the next four years to develop electric vehicles.

Toyota did not disclose the geographic breakdown of any battery plant plans or investment plans, but its chief product officer Masaichi Okada said that by 2030, the group will spend nearly 1 trillion yen to build a total of 70 electric vehicle production lines.

With its advantages in automobiles and batteries, the company will also strive to reduce battery costs by half in the second half of the 2020s.

The company has always believed that the long-term solution to global warming should be hybrid vehicles, electric vehicles and hydrogen-powered vehicles, rather than just betting on battery-powered vehicles.

However, in the past year, Toyota has made it clearer about its electric vehicle plans, saying that it will launch 15 vehicles by 2025. It also plans to sell 8 million electric vehicles by 2030, of which 2 million will be battery-powered vehicles and fuel cell vehicles.

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