Toyota Motor Corp. (NYSE:TM) said it will spend $13.5 billion U.S. by 2030 to develop batteries for its electric vehicles and improve its battery supply system, APA reports citing Reuters.
The world's largest automaker by volume, which pioneered hybrid gasoline-electric vehicles with the Prius, is now moving to deliver its first all-electric vehicle lineup next year (2022).
Considered an electric vehicle leader, Toyota said it aims to slash the cost of its batteries by 30% or more by working on the materials used and the way the cells are structured.
The company is also the frontrunner to mass produce solid-state batteries - 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 current lithium-ion batteries.
Toyota said it plans to begin manufacturing solid-state batteries by the middle of this decade and plans to also use solid-state batteries in hybrid electric vehicles such as the Prius.
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