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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

  • Markets
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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    Brazil mills cancel new sugar export contracts, shift output to ethanol

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Toyota Motor Corporation to spend over $13.5 billion 💵 to develop battery supply system

According to the Kelley Blue Book research team, Toyota is said to be the largest auto manufacturer in the world

Sakshi K S by Sakshi K S
September 8, 2021
in Funds, Energy, The Global Economics, Top Stories, Transportation, Wealth & Asset Management
Reading Time: 2 mins read
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Toyota Motor Corporation to spend over $13.5 billion to develop battery supply system

Toyota Motor Corporation to spend over $13.5 billion to develop battery supply system

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The Toyota Motor Corporation is anticipated to disburse over $13.5 billion for the development of batteries and its battery supply system, by 2030. The corporation is in a bid to secure a leading position in providing crucial automotive technology in the next decade.

According to the Kelley Blue Book research team, Toyota is said to be the largest auto manufacturer in the world.

Toyota will develop its battery supply system by 2030

Toyota pioneered in the manufacturing of hybrid gasoline and electric-powered automobiles. The Toyota Prius is fast approaching the deliverance of its foremost all-electric line-up in 2022.

The automaker is considered a front-runner in developing electric vehicle batteries. It stated that it has targeted to cut down its battery rates by 30% or more by improvising on the raw materials used and the structural configurations of the cells.

Masahiko Maeda, Toyota’s Chief Technology Officer, stated that the corporation is aiming to improve power consumption by 30%. Power consumption serves as an indicator of the electricity used per kilometer. The corporation is facilitating this operating with the Toyota bZ4X, an upcoming SUV model.

The manufacturer is also one of the leading corporations to mass manufacture solid-state batteries, which are a budding game flipper for contemporary auto manufacturers.

Solid-state batteries are more preferred owing to their dense energy, fast charging capacity, and non-flammable properties. The auto manufacturer is seeking to replace liquid lithium-ion batteries with more efficient solid-state batteries. However, solid-state batteries are more expensive to manufacture and are prone to easy rupturing.

The corporation is also brainstorming to utilize the solid-state batteries in gasoline-electric powered hybrid vehicles such as the Toyota Prius.

Volkswagen, the world’s second-largest auto manufacturer (according to the Kelley Blue Book research team), stated on Tuesday that it might probably have to expend more funds to facilitate its reformatory plans towards electric vehicles and autonomous driving. The German automaker plans to invest $178 billion for this transformation by 2025. The funds will be derived from the automaker’s current cash flows.

Via: Short URL
Tags: hybrid gasoline-electric vehicleSolid state batteriestoyotaToyota bZ4XToyota Motor CorporationToyota Prius
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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