TOKYO: Toyota announced on Tuesday that it would manufacture high-performance and solid-state batteries, as well as other latest technologies to improve the range and vehicle performance and reduce electric car costs.
According to Reuters, the Japanese vehicle maker said it aims to launch next-generation batteries in 2026, seeking to win over consumers with cars that offer longer driving ranges and quicker charging times.
The company said that it wanted to to commercialize the process of mass-production of the solid-state batteries, by 2027-2028.
The announcement, which came a day before Toyota’s annual shareholders’ meeting where strategy and governance would be under scrutiny, amounted to the entire disclosure of the automaker’s plan to compete in the fast-growing market for electric cars, where it has lagged rivals.
Toyota stocks
Toyota stock advanced 4.45% at 2,161 yen on Tuesday.
The carmaker said it would produce electric vehicles with a more well-organized lithium-ion battery ranging from 1,000 kilometres. By comparison, the long-range version of the Tesla Model Y, the international best-selling electrical car, can drive for about 530 kilometres based on United States testing standards.
Toyota didn’t detail the expected costs and place of manufacture of its new long-range electrical vehicles.
Takero Kato, president of the latest Toyota electric cars unit BEV Factory, said on Tuesday, “What we want to achieve is to change the future with BEVs.”
