Key Points
- Toyota achieves technological breakthrough: Toyota Motor Corp achieves a significant breakthrough in battery technology, paving the way for a potential halving of weight, size, and cost of batteries for electric vehicles (EVs).
- Streamlined production and enhanced performance: The streamlined production process enhances battery performance, reducing charging durations and significantly improving the driving range of EVs.
- Solid-state batteries as a game-changer: Solid-state batteries are regarded as a transformative technology for EVs, offering advantages such as decreased charging times, enhanced capacity, and reduced fire risk compared to traditional lithium-ion batteries.
Toyota Motor Corp (NYSE: TM) announced a groundbreaking achievement in battery technology, which has the potential to revolutionize electric vehicles (EVs). The Japanese carmaker has successfully streamlined battery production, leading to a potential halving of weight, size, and cost. This advancement is expected to significantly reduce charging durations and greatly enhance the driving range of EVs.
Keiji Kaita, president of Toyota’s research and development center for carbon neutrality, stated, “For both our liquid and solid-state batteries, we are aiming to drastically change the situation where current batteries are too big, heavy, and expensive.” The company aims to halve these factors, signaling its commitment to pushing the boundaries of battery technology.
Toyota’s breakthrough also addresses the durability concerns that emerged three years ago, instilling confidence in the company to mass-produce solid-state batteries in EVs by 2027 or 2028. The development tackles key challenges associated with traditional lithium-ion batteries, such as charging times and fire risks, by utilizing solid-state battery technology.
Solid-state batteries are considered transformative for EVs due to their potential to decrease charging times, enhance capacity, and mitigate safety risks. This technology presents an opportunity for Toyota to catch up with competitors in the electric vehicle market, particularly Tesla Inc (NASDAQ: TSLA). After the announcement of their solid-state battery plan, Toyota’s shares have experienced a price increase.
Hiroki Nakajima, the chief technology officer at Toyota, cautioned that while solid-state batteries are a significant advancement, the company recognizes the ongoing potential for improvement in liquid-based batteries. He emphasized that the true competition in EV batteries lies in the value added to the car as a product and the effective management of overall battery volume and utilization.
Overall, Toyota’s breakthrough in battery technology marks a significant leap forward for the electric vehicle industry. With the potential to halve the weight, size, and cost of batteries, while also addressing durability concerns, Toyota is poised to contribute to the growth and development of electric vehicles and compete more effectively in the market.
About Toyota
Toyota Motor Corp (NYSE: TM) is a Japan-based company engaged in the automobile business, finance business and other businesses. The Company operates in three business segments. The Automobile segment is engaged in the design, manufacture and sale of sedans, minivans, 2box, sports utility vehicles, trucks and related vehicles, as well as related parts and products. The Finance segment is engaged in finance and vehicle leasing business. The Other segment is engaged in the design, manufacture and sale of houses, as well as conduct information communication business. The Company is also engaged in the control of manufacturing and sales companies, as well as public relations and research activities business in North American and Europe. The Company also provides robots, basic research projects, marine and agribio business. The Company also provides electric vehicles and vehicles equipped with the new function Advanced Drive of driving support technology, driver assistance or connected cars services. To learn more, visit www.toyota.com
About Tesla
Tesla, Inc. (NASDAQ: TSLA) designs, develops, manufactures, sells and leases fully electric vehicles and energy generation and storage systems, and offer services related to its products. The Company’s automotive segment includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits. Additionally, the automotive segment is also comprised of services and other, which includes non-warranty after-sales vehicle services, sales of used vehicles, retail merchandise, sales by its acquired subsidiaries to third party customers, and vehicle insurance. Its energy generation and storage segment include the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Its automotive products include Model 3, Model Y, Model S and Model X. Powerwall and Megapack are its lithium-ion battery energy storage products. To learn more, visit www.tesla.com
Credits: Photo from toyota.com
