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.