Toyota to spend £9.9bn on car batteries by 2030
Toyota has announced plans to spend 1.5tn yen (£9.9bn) on developing car batteries and its battery supply system by 2030.
The world’s largest vehicle manufacturer, which pioneered hybrid gasoline-electric vehicles with the popular Prius, is planning a full line up of electric vehicles next year and aims to sell 10m electric and hybrid vehicles by the end of the decade.
During a press conference today, Chief Technology Officer Masahiko Maeda said that the company is aiming to reduce battery costs by 30 per cent to help with the roll out of electrified vehicles to the masses.
“We will strive to reduce CO2 emissions by increasing the selection of electrified vehicles we offer and having customers in each region choose us so that we can accelerate the dissemination of electrified vehicles,” Maeda said.
The company, which is a front runner in the production of solid-state batteries, aims to change the underlying structure and materials used to make batteries and improve power efficiency in order to cut costs for customers.
If developed successfully, Toyota’s batteries could replace liquid lithium-ion batteries which are extremely flammable and toxic.
News of the planned expansion follows strong results for Toyota recorded in the first quarter of the 2022 financial year with sales revenue of 7.9tn yen, up 72 per cent compared to the previous year.
However, worldwide supply shortages are continuing to hit the car manufacturing sector hard with Toyota announcing the closure of North American manufacturing plants in March.
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