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Toyota Announces New Technology Roadmap for EVs
Toyota, the world’s largest car manufacturer, will introduce a high-performance lithium-ion battery to its next-generation electric vehicles by 2026, according to the announcement made on Tuesday. The automaker intends to produce batteries that can deliver quicker charging and a range of around 620 miles (1,000 kilometers), setting Toyota apart from its competitors in the electric vehicle market.
Toyota’s History with EVs
Despite being the automaker that pioneered hybrid vehicles with its world-famous Prius, Toyota has not fully embraced the electric vehicle revolution. Instead, it has opted for hybrids, plug-in hybrids, and hydrogen fuel cell-powered vehicles. As a result, many major automakers have surpassed Toyota in their commitment to electrify their vehicle lineups.
New Plan Unveiled Before Annual Shareholder Meeting
The announcement of Toyota’s new plan came just a day before the automaker’s annual shareholder meeting, revolving around the scrutiny of Akio Toyoda’s leadership, former CEO of the company, who had been criticized for having a slow adoption of electric vehicles and lobbying against them.
Toyota’s Progress with Solid-state Battery Technology
Besides a high-performance lithium-ion battery, Toyota has also announced that it has made substantial progress in its solid-state battery technology. The company is working on a mass production method and is planning to commercialize the technology between 2027 and 2028. According to Toyota’s estimates, a solid-state battery-powered EV would have a range of nearly 750 miles (1,200 kilometers) and a charge time of only 10 minutes, outpacing Tesla’s Superchargers.
Solid-state batteries utilize solid-state electrolytes that replace liquid electrolytes found in traditional lithium-ion batteries. Such a change in electrolytes could lead to higher energy density, improved safety, faster charging times, and longer lifespans. However, the cost of manufacturing is still relatively high, making it hard to scale.
New CEO’s Technological Roadmap for Toyota
In January, Akio Toyoda stepped down as CEO of Toyota and handed over leadership to former Lexus chief, Koji Sato. The company’s engineers and planners have been developing a new roadmap that puts electric vehicles front and center in a cost-efficient way under Sato’s leadership.
To reach the production goals it has set for itself, Toyota will have to increase its production capabilities. It is doing so in a direct challenge to rival Tesla, using Giga casting, a method invented by Tesla that relies on massive aluminum casting machines to reduce vehicle complexity and cut factory investment.
Toyota’s Modular EV Platform and Automated Assembly Line
Toyota is also developing a new modular EV platform and a heavily automated assembly line that would phase out the conveyor belt system. The proposed self-propelling assembly line will see cars under production driving themselves through the process, potentially reducing processes and plant investment by half.
Furthermore, Toyota reiterated plans to introduce its Arene operating system into cars by 2025. Arene OS is a software platform that drives core car capabilities, advanced driver assistance systems, and cockpit functions and can be updated over-the-air.
Shareholders Vote Down Climate Lobbying Resolution
Toyota has not yet said whether it will increase its investment in electrification to achieve any of this. The automaker had already set aside $70 billion in 2021 to electrify its vehicles by 2030, with half of that amount allocated to full EVs. Recently, Toyota announced that it would spend $48 million on a new EV battery laboratory in the U.S. and $5.9 billion on a U.S.-based battery factory.
Shareholders of Toyota have backed the board, voting against a resolution calling for greater transparency on climate lobbying. A group of European asset managers argued that Toyota’s slow progress towards adopting electric vehicles and its history of lobbying against them posed a risk. The shareholders voted in favor of all the ten board members, including Chairman Akio Toyoda, despite concerns raised by many U.S. pension funds about board independence.
FAQs
What type of new battery is Toyota planning to introduce to its EVs?
Toyota is planning to introduce a high-performance lithium-ion battery to its next-generation electric vehicles by 2026, which will have quicker charging and a range of around 620 miles.
How is Toyota competing with Tesla in the EV market?
Toyota is using Giga casting, a method invented by Tesla that relies on massive aluminum casting machines to reduce vehicle complexity and cut factory investment, to increase its production capabilities and challenge Tesla directly.
What is Toyota’s progress with solid-state battery technology?
Toyota has made substantial progress in its solid-state battery technology, aiming to commercialize it between 2027 and 2028. A solid-state battery-powered EV would have a range of nearly 750 miles (1,200 kilometers) and a charge time of only 10 minutes according to Toyota’s estimates.
What is Toyota’s goal regarding electrification?
Toyota has earmarked $70 billion to electrify its vehicles by 2030 and intends to offer an electrified option for every Toyota and Lexus model globally by 2025. The company plans to launch a full lineup of EVs in 2026 and sell 1.7 million EV units by 2030.
Are Toyota’s shareholders supportive of their new technological roadmap for EVs?
Toyota shareholders have backed the board and voted against a resolution calling for greater transparency of climate lobbying. Despite these limited concerns, all the ten board members, including Chairman Akio Toyoda, have been backed by the shareholders.
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