Toyota to spend $13.5 billion to develop EV battery tech and supply by 2030
Toyota Motor Corp said on Tuesday it expected to spend more than $13.5 billion by 2030 to develop batteries and its battery supply system, in a bid to take a 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 moving rapidly to deliver its first all-electric line-up next year.
Considered a leader in developing batteries for electric vehicles, Toyota said it aimed to slash the cost of its batteries by 30% or more by working on the materials used and the way the cells are structured.
