Toyota rolls out strategy for new innovative EV battery tech

To increase the efficiency and performance of its

electric vehicles

A mass production process for solid-state batteries was also disclosed, with commercialization targeted for 2027–2028. The information, which was made public the day before Toyota's annual shareholders' meeting, at which strategy and governance will be examined, amounted to the automaker's most thorough disclosure of its strategy to compete in the quickly developing EV market, where it lags behind rivals.

On Tuesday, Toyota shares increased 4.45% to 2,161 yen.

The car company promised to create an EV with a more effective lithium-ion battery that would have a 1,000 km (621 mi) range. In contrast, according to U.S. testing standards, the long-range Tesla Model Y, the world's best-selling EV, can go for around 530 km.

Toyota did not specify estimated prices or the location of production for its new long-range EV, nor did it specify the location of production for the next-generation solid-state batteries that it had previously stated were in the development phase or the amount of money that would be needed. Takero Kato, head of the brand-new Toyota EV business BEV Factory, stated in a video that was uploaded to the automaker's YouTube account on Tuesday that "what we want to achieve is to change the future with BEVs."

The next-generation battery EVs will be introduced to the market in its entirety starting in 2026, according to Kato. Toyota also provided a list of further technologies that it intends to use to lower the price of its EVs and batteries. The manufacturer promised to integrate Tesla's manufacturing innovation of a "self-propelling" assembly line and Giga casting to reduce production costs.