Toyota to pour $13.5 billion into developing EV battery tech and supply
Toyota Motor Corp said on Tuesday it expects to spend more than $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.
The world’s largest automaker by volume, which pioneered hybrid gasoline-electric vehicles with the popular Prius, is now moving rapidly to deliver its first all-electric line-up next year.
Considered a leader in developing batteries for electric vehicles, Toyota said it aims to slash the cost of its batteries by 30% or more by working on the materials used and the way the cells are structured.
