Toyota Motor Corporation said it expects to spend more than $13.5 billion by 2030 developing its batteries and supply system in an effort to become the leader in the next decade in the most important modern automobile technologies.
The world’s largest automaker by sales volume is set to finish its first fully electric vehicle production line next year, having pioneered fuel-electric hybrid vehicles with its popular Prius.
As a leader in electric vehicle battery development, Toyota said it seeks to reduce battery costs by 30% or more by focusing on the materials used and how the battery cells are formed.
Toyota is at the forefront of producing solid batteries, which could lead to a tipping point in the electric car industry due to their higher energy density and faster charging properties, in addition to being less prone to ignition, and if developed successfully, they may replace liquid lithium-ion batteries.
Note that the company aims to start manufacturing solid batteries by the middle of the current decade, but efforts to produce these batteries in large quantities may falter because their manufacture is expensive and is considered more vulnerable to breakage due to expansion and contraction when used.
Volkswagen, the world’s second-largest car company, has also said that it may increase its spending to secure its planned transition to electric and self-driving vehicles. The German company, which plans to invest 150 billion euros ($178 billion) in its business by 2025, said that it may finance this electric move more depending on the financial liquidity it currently has.