Toyota to spend US$13.5 billion to develop EV battery tech and supply by 2030

TOKYO : Toyota Motor Corp said on Tuesday it expects to spend more than US$13.5 billion by 2030 to develop batteries and its battery supply system - a bid to lead in the key automotive technology over the next decade.

Considered a leader in developing batteries for electric vehicles, Toyota said it aims to slash the cost of its batteries by 30per cent or more by working on the materials used and the way the cells are structured. The company is also the front runner to mass produce solid-state batteries - a potential game changer for automakers because they are more energy dense, charge faster and are less prone to catching fire. If developed successfully, they could replace liquid lithium-ion batteries.

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