- Toyota Motor Corp (NYSE:TM) plans to spend 1.5 trillion yen ($13.5 billion) by 2030 to develop batteries and its battery supply system to tap the billion-dollar market.
- Toyota aims to deliver its first all-electric line-up in 2022, Reuters reports.
- The automaker plans to cut the cost of its batteries by 30% or more by working on its materials and power consumption boost.
- Toyota is also the front runner to mass produce solid-state batteries, which could replace liquid lithium-ion batteries.
- Toyota also plans to use solid-state batteries in hybrid electric vehicles like the Prius.
- Price Action: TM shares closed higher by 1.75% at $179.27 on Friday.
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