As part of its effort to maintain a competitive edge in the essential automotive technology within the next decade, Toyota Motor Corporation stated it expects to invest over $13.5 billion by 2030 on battery research and development and its battery supply system. This year, the world’s biggest automaker by volume, Toyota, which spearheaded hybrid gasoline-electric cars with the popular Prius, will launch the world’s first all-electric vehicle lineup.
According to Toyota, which is considered a leader in developing batteries for electric cars, the company hopes to reduce the cost of the batteries by 30 percent or more by improving the materials utilized and the manner the cells are constructed. At a press briefing, Toyota Chief Technology Officer (CTO) Masahiko Maeda stated that the company’s goal is to reduce power consumption, which is a measure of the amount of electricity utilized per kilometer traveled, by 30 percent starting with the Toyota bZ4X (bZ4X is an abbreviation for compact SUV).
It is also a leading contender to mass manufacture solid-state batteries, which have the potential to be game-changers for automakers since they are higher energy-dense, charge faster, and are less likely to catch fire than traditional batteries. If they are properly developed, they could eventually substitute liquid lithium-ion batteries. Even though Toyota is currently grappling with the limited service life of such cells, Maeda stated that the company’s goal of developing solid-state batteries by the mid-2020s has not changed.
“We’re still looking for the optimum materials to employ,” he stated of his research. It has been difficult to mass manufacture solid-state batteries because they are expensive to make and prone to cracking when they extend and contract during use, as has been the case. Aside from hybrid electric vehicles like the Prius, Toyota stated that it wanted to deploy solid-state batteries in such vehicles.
According to Volkswagen, the globe’s second automaker, the company may have to spend more money in order to complete its planned transition towards autonomous driving and electric vehicles. The German company, which intends to spend $178 billion in its operations by 2025, has stated on numerous occasions that it will be able to support this shift with current cash flows.
Toyota Motor Corporation is a multinational automaker based in Toyota City, Aichi, Japan. Kiichiro Toyoda started the company, which was formed on 28 August 1937. Toyota is among the world’s carmakers, producing over 10 million cars every year.
The company was founded as a subsidiary of Toyota Industries, which is a machine manufacturer founded by Kiichiro’s father, Sakichi Toyoda. Both enterprises are now a portion of the Toyota Group, which is one of the world’s largest conglomerates. The business created its first item, the Type A engine, in 1934 while still a division of Toyota Industries and the first passenger automobile, the Toyota AA, in 1936.