Toyota to invest over $13.5 billion on EV batteries by 2030

It includes the development of both lithium-ion packs and solid-state batteries.

Toyota has announced that the company will be investing a total of around US$ 13.5 billion on the development of battery technology by 2030. This includes the development of both lithium-ion packs and solid-state batteries.

As per Toyota's plans, the company hopes to secure 200 gigawatt-hours of battery supply by 2030. This will further allow the carmaker to sell eight million electric vehicles by the end of the decade. Toyota also stated that it is working on bringing down the cost of production of batteries, while also increasing their performance and efficiency.

The company expects to have solid-state battery-powered vehicles on the road very soon, considering Toyota has been testing a working prototype since last year. The solid-state batteries are expected to be used not only on fully electric vehicles but also on hybrid models.

Earlier this year, Toyota unveiled their first serious mass-market EV in the form of the bZ4X SUV concept. Toyota claims that the bZ4X crossover will be able to retain 90% of its battery capacity even after a decade of usage.