Sep 10 2021
Toyota is Going to Invest $13.5 Billion in EVs Battery Production & Development by 2030
Toyota Motor Corp. invests heavily in electric vehicle battery technology. The automaker said it is investing up to $ 13.5 billion to develop advanced battery technology for its line of future electric vehicles. Toyota aims to sell about 8 million electric vehicles per year by 2030. This figure includes fully electric vehicles, plug-in hybrids, hybrid electric vehicles, and fuel cell vehicles. Of that number, Toyota is aiming for 2 million of them to become fully electric vehicles. Toyota's continued battery development is also designed to reduce battery costs per vehicle by up to 50%. The company said it continues to improve nickel-metal hydride batteries and lithium-ion batteries by taking advantage of their respective characteristics. To support the production of millions of electric vehicles, Toyota plans to establish a supply network and production system based on what it calls "small base units." The company aims for a production capacity of up to 200 GWh by 2030.