Considered a leader in the development of batteries for electric cars, Toyota seeks to reduce the cost of its batteries by 30% or more by working with used materials and by the way the cells are structured.
“Then for the vehicle, our goal is to improve energy consumption, which is an indicator of the amount of electricity used per kilometer, by 30%, starting with the Toyota bZ4X,” the CTO said in a briefing. Masahiko Maeda, referring to an upcoming compact SUV model.
The company is also pioneering the mass production of solid-state batteries, a potential revolution 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.
While he was still struggling with the short lifespan of these cells, Maeda said there was no change to Toyota’s goal to start making solid-state batteries in the mid-2020s. “We are still looking for the best materials.” said.
Efforts to mass produce solid-state batteries have faltered as they are expensive to manufacture and prone to cracking when they expand and contract during use.
Toyota also plans to use solid-state batteries in hybrid electric vehicles like the Prius.
Volkswagen, the world’s second-largest automaker, also said it may have to spend more to achieve its planned transformation toward autonomous driving and electric vehicles.
The German firm, which plans to invest around $ 178 billion in its business by 2025, has repeatedly said it could finance this transition based on current cash flows.