Toyota Motor Corp. (TM) - Get Toyota Motor Corp. Sponsored ADR Report said Tuesday that it expects to spend more than $13.5 billion by 2030 to develop batteries and its battery supply system as part of its push towards electric vehicles.
The world's biggest carmaker, which had previously announced plans to deliver its first all-electric vehicle line-up in 2022, is also looking to set up 70 EV battery lines by 2030 with an aim to secure 200 gWh of battery supply by that time, up from its previous goal of 180 gWh.
Toyota is developing technology to mass produce solid-state batteries, which could potentially jump start the EV industry because they are more energy dense, charge faster and are less prone to catching fire, Reuters reported.
"Then, for the vehicle, we aim to improve power consumption, which is an indicator of the amount of electricity used per kilometer, by 30%, starting with the Toyota bZ4X," chief technology officer Masahiko Maeda said in an online briefing, according to news reports.
Toyota's U.S.-listed shares were marked 1.24% higher in early Tuesday trading to change hands at $181.37 each.
Earlier this year, Toyota announced plans to introduce two new electric vehicles and a plug-in hybrid in the U.S. in 2022.
At the time, Toyota said it has more than 40% share of the total alternative fuel vehicle market, which includes a 75% share of the fuel-cell market and a 64% share of hybrids and plug-ins.
By 2025, Toyota's goal is to have 25% of new vehicle sales be electrified models, and expects that figure to rise to nearly 70% by 2030.