In a bid to take a lead in the key automotive technology, Toyota Motor Corp plans to spend more than $13.5 billion by 2030 to develop batteries and its battery supply system over the next decade. Reuters reported.
Toyota is the world’s largest automaker by volume and pioneered hybrid gasoline-electric vehicles. The company is moving rapidly to deliver its first all-electric line-up next year.
Toyota said it aimed to slash the cost of its batteries by 30% or more by working on the materials used and the way the cells are structured.
Speaking on the company’s upcoming compact SUV model, Chief Technology Officer Masahiko Maed said. “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,”
The company is also on the lead to mass produce solid-state batteries. A solid-state battery is a rechargeable energy storage system similar in overall structure and operation to the more familiar lithium-ion battery. Solid-state batteries can reach an 80-percent charge within 15 minutes and incur less strain after multiple charging cycles.
According to Reuters, this is a potential game-changer for automakers because they are more energy-dense, charge faster and are less prone to catching fire. If developed successfully, they could replace liquid lithium-ion batteries. Toyota also plans to use solid-state batteries in hybrid electric vehicles.
Volkswagen the world’s second-largest automaker, also plans to spend more towards delivering autonomous driving and EVs.