Japanese legacy automaker Toyota announced Tuesday plans to launch new, high-performance, solid-state power batteries along with other technologies that enhance the driving range and reduce costs.
Toyota’s roadmap included strategies regarding next-gen battery development and factories’ revolutionary redesign as it aims to catch up in the highly-competitive EV industry, which is currently dominated by Tesla.
Plan highlights
Toyota announced plans to develop and release next-gen li-ion batteries starting in 2026, which are expected to enable longer ranges, faster charging time, and cost-cutting.
The Japanese automaker aims to mass produce the said battery technology and commercialize them by 2027 to 2028.
Apart from that, Toyota also announced plans to develop an electric vehicle with a more efficient li-ion battery with an expected range of 1,000 km (621 miles). For reference, The Tesla Model Y Long Range variant, currently the world’s top-selling EV, offers a 530 km driving range per US testing standards.
“What we want to achieve is to change the future with BEVs. We will launch the next-generation battery EVs globally and as a full lineup on the market from 2026.”
Takero Kato, the New Toyota EV unit BEV Factory President
Unfortunately, the Japanese automaker has not yet specified its target costs or production location for its planned long-range EV model. It also did not disclose the next-gen solid-state battery production site.
For context, solid-state batteries can support higher energy than the existing liquid electrolyte batteries. Therefore, these batteries can boost the electric vehicle uptake as it addresses the customers’ main issue with the technology, which is range.
Apart from that, Toyota also talked about its plans to utilize other technologies that would aid the company in decreasing the costs of its electric cars and batteries. According to the automaker, it will employ a “self-propelling” production line and Giga casting for cost-cutting, inspired by the leading American automaker Tesla.
It is worth noting that the plan disclosure emerged ahead of the scheduled annual shareholders meeting of the company, which will assess its governance and electrification strategy.
See Also:
- Toyota to establish a new US battery lab to test electric and hybrid vehicle batteries
- Toyota commits an additional $2.1B investment to its battery plant expansion in the US
- Toyota global car sales grew almost 5% YoY in April on stronger demand
- Over 2 million Toyota owners were at risk in a decade-long vehicle data leak
- Toyota hydrogen fuel cell electric powertrain secures CARB approval
After the announcement, Toyota shares surged 5% to 2,173 yen, its highest valuation since August 2022.
