Toyota introduces batteries and EVs. Toyota Motor (7203.T) will improve electric car range, performance, and affordability through high-performance solid-state batteries and other technologies.
The Japanese carmaker will debut next-generation batteries in 2026 to attract customers with longer driving ranges and faster charging times.
It will mass-produce solid-state batteries in 2027–2028.
Toyota’s greatest reveal of its strategy to compete in the fast-growing EV industry, where it has lagged behind rivals, comes a day before its annual shareholder meeting, where strategy and governance would be examined. Toyota climbed 4.45% to 2,161 yen Tuesday.
The company promised a 1,000-km (621-mile) lithium-ion EV. The Model Y, the world’s best-selling EV, has a U.S.-tested range of 530 km.
Toyota did not disclose costs, production location, or investment for its long-range EV or next-generation solid-state batteries.
“What we want to achieve is to change the future with BEVs,” Takero Kato, CEO of the new Toyota EV firm BEV Factory, said in a Tuesday YouTube video.
“We will launch the next-generation battery EVs globally and as a full lineup on the market from 2026,” Kato said.
Toyota announced EV and battery cost-cutting measures. Tesla’s “self-propelling” assembly line and Giga casting cut production expenses for the business.
Kato said BEV Factory, created in May, will construct half of Toyota’s 3.5 million EVs by 2030. For the first time, the carmaker sold 8,584 EVs, including Lexus models, in April, accounting for more than 1% of its global sales.