Toyota to Invest $13.5 Billion in Electric Vehicle Battery Development by 2030
【Summary】Japan’s Toyota Motor Corp is making a massive investment in electric vehicle battery technologies. The automaker announced on Tuesday that it is investing up to $13.5 billion to develop advanced battery technologies for its future lineup of electrified vehicles. Toyota’s ongoing development of batteries is also designed to reduce the battery costs per vehicle by 50% by the second half of the 2020s.
Japan's Toyota Motor Corp is making a massive investment in electric vehicle battery technologies. The automaker announced on Tuesday that it is investing up to $13.5 billion to develop advanced battery technologies for its future lineup of electrified vehicles.
Toyota aims to sell roughly 8 million electrified vehicles a year by 2030. This figure includes, purely-electric, plug-in hybrids, hybrid electric vehicles and fuel cell vehicles. Of this amount, Toyoya is aiming for 2 million of them to be fully-electric vehicles.
Toyota's massive investment in battery technology will make the company an industry leader. Innovations will also help drive down the costs of EV batteries, which currently cost around $100 per kWh to manufacture. Toyota aims to slash the cost of its batteries by 30% or more by developing new battery materials and cell structures, including the use of solid state battery technology.
"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," said Toyota Chief Technology Officer Masahiko Maeda in a press briefing.
Toyota's bZ4X is a fully-electric compact SUV and represents the automaker's pivot to battery-powered vehicles. It will launch in 2022.
Toyota's ongoing development of batteries is also designed to reduce the battery costs per vehicle by 50% in the second half of the 2020s. The company said it has continuously improved nickel-metal hydride batteries and lithium-ion batteries by taking advantage of their respective characteristics.
In addition, Toyota's bipolar nickel-metal hydride battery, which was announced earlier this year, will be used in an increasing number of electrified vehicles.
Investments in Solid State EV Batteries
Solid-state EV batteries, which have no liquid electrolyte, could be a gamer changer for the auto industry and Toyota plans to increase its investments in the technology. These batteries offer significant improvements over conventional lithium ion batteries in use today, including a risk of overheating or fire. They also can offer longer range and faster charging in 15 minutes or less.
General Motors' recent recall of the Chevy Bolt EV along with South Korean automaker Kia's recall of the electric Niro crossover were both due to battery fires, and show that the current lithium ion technology needs improvement. But solid state battery technology also needs improvement to be viable.
Currently, solid-state batteries are more expensive to manufacture and are prone to crack when they expand and contract during routine use, according to Toyota. To solve these challenges, the automaker's Chief Technology Officer Masahiko Maeda said the company will continue to develop new solid electrolyte materials.
Toyota aims to start manufacturing solid-state batteries by the mid 2020s.
In addition to its goal of commercialized solid state EV batteries, Toyota will continue to improve lithium ion battery technology with the goal to improve service life, increase energy density, reduce the size of the batteries and lower production costs.
To support the production of millions of EVs, Toyota plans to set up a supply network and production systems based on what it calls "small basic units." The company is targeting a production capacity of up to 200 GWhs by 2030.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
Vietnam-based Electric Vehicle Startup VinFast Ships its First Vehicles to the U.S.
Tesla’s Model 3 is Reportedly Getting a Redesign to Make it More Appealing as Competition in the EV Segment Grows
LG Chem is Investing $3.2 Billion to Build a Cathode Manufacturing Facility for Electric Vehicle Batteries in Tennessee
Mercedes-Benz is Offering a Performance Upgrade as a Yearly Subscription on its EQ Electric Vehicles
LG Develops ‘Invisible’ Speaker Sound Technology That Could Revolutionize In-Vehicle Audio
Waymo Reveals its New Robotaxi Built by New Premium Electric Vehicle Brand Zeekr
Stellantis Acquires Autonomous Driving Software Startup aiMotive
BorgWarner Invests $500 Million in Wolfspeed Inc, a Developer of Semiconductors and Silicon Carbide Devices for Electric Vehicles
- Reservations for the Electric Fisker Ocean SUV Reach 50,000, The Company Shares New Details About its Second EV Being Built by Foxconn
- Toyota is Investing an Additional $2.5 Billion to Expand its North Carolina Factory to Boost EV Battery Production
- Biden Administration Announces New Standards to Make EV Chargers More Accessible
- LiDAR developer Luminar Technologies Hires Ex Apple, Tesla and Nvidia Execs as it Prepares for Growth
- Tesla’s Battery Supplier Panasonic is Working on New EV Battery Technology That Can Boost Range by 20%
- Solar-Electric Car Developer Lightyear Announces Technical Partnership with Hypercar Manufacturer Koenigsegg
- Mercedes-Benz is Partnering with Game Engine Developer Unity Technologies to Create Immersive, 3D Infotainment Screens and Displays for its Future Vehicles
- Valeo Signs Major Deal with BMW to Supply Advanced Driver Assist Hardware for the Automaker's Forthcoming 'Neue Klasse' EV Platform
- Polestar Announces Strategic Partnership With StoreDot, a Company Developing Rapid Charging Technology for EV Batteries
- Toyota Offering Multiple Solutions for Non-Drivable bZ4X Electric SUVs