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.
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.
