Published -June 14th, 2023 @ 9:00 AM (GMT+2 )
Toyota (NYSE:TM) recently showcased its forthcoming technological roadmap at a technical briefing, highlighting key advancements in EV battery technology and reimagining the future of automobiles. The Japanese auto giant's latest move underscores its ambitious goal to compete more aggressively in the booming EV market where it has lagged rivals like Tesla (NASDAQ:TSLA).
Setting a New Standard with Solid-State EV Battery Tech
Toyota is breaking ground with the introduction of solid-state EV battery tech that can potentially deliver a whopping 900-mile driving range. Focusing on the increasing demand for sustainable transport, Toyota is unveiling a hybrid strategy encompassing EVs, plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell vehicles (FCEV), despite external pressure to fully embrace electric.
Cutting-Edge Manufacturing Processes and Battery Roadmap
To bolster profitability, Toyota plans to streamline the vehicle body structure, drawing inspiration from Tesla's Giga casting method that simplifies manufacturing. An innovative self-propelling assembly line technology is also set to make the manufacturing process more efficient. These enhancements aim to cut down production lead time, production processes, and factory investment for mass-produced EVs by half.
In 2026, Toyota intends to launch its next generation of electric vehicles equipped with two types of next-gen batteries: performance and popularized versions. The performance battery will share the lithium nickel cobalt manganese (NCM) chemistry with the bZ4X electric SUV, promising a 20% increase in driving range and cost reduction.
Advancing its EV battery tech, Toyota is fast-tracking the development of solid-state batteries that could boost cruising range by an additional 20%. Targeting mass production from 2027 to 2028, these batteries are expected to offer a 10-minute quick charge and 20% more range. Toyota is also exploring a high-performance version that could increase the cruising range by 50%.
EV Production Scaling
With the establishment of the BEV Factory, Toyota plans to manufacture about 1.7 million vehicles by 2030, which is approximately half of the 3.5 million EVs it aims to sell annually by that year.
Conclusion
Toyota, having sold nearly 10.5 million vehicles in 2022 and holding a market value of about $254 billion, is gearing up to be a formidable competitor in the electric vehicle sector. With its bold technological and manufacturing strategies, Toyota is paving the way for a sustainable and tech-driven future in mobility.
Learn more about Toyota's Record $5.9 Billion Investment in EV Production here
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