Toyota to spend over $13.5 billion to develop EV batteries and supply systems by 2030
Toyota also plans to use solid-state batteries in hybrid electric vehicles such as the Prius
Toyota Motor Corp said on Tuesday it expects to spend more than $13.5 billion by 2030 to develop batteries and its battery supply system.
The world's largest automaker by volume uses a range of battery types in its vehicles and is also considered the front runner 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 liquid lithium-ion batteries.
It said, however, it was still struggling with the short service life of these cells.
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"We are still searching for the best materials to use," Toyota's Chief Technology Officer Masahiko Maeda told a media briefing on Tuesday.
Efforts to mass produce solid-state batteries have stumbled as they are expensive to fabricate and are prone to crack when they expand and contract during use.
Toyota also plans to use solid-state batteries in hybrid electric vehicles such as the Prius, it said.
