745 Miles Off A 10 Minute Charge — Toyota’s Announces Huge Solid State Battery Development
Key Takeaways
- Toyota is hoping to launch revolutionary solid-state battery tech by 2028
- It expects to sell 1.5 million EVs every year by 2026
- It’s launching next-generation EVs by 2026 with lithium-ion phosphate batteries
Japan is well-known as an innovative tech leader. From QR codes to emojis, karaoke to bullet trains, we’re always intrigued to see what the country will come up with next. This time, Toyota is leading the way. The Japanese car manufacturer is claiming new battery tech that could change the electric vehicle (EV) landscape forever. Let’s see what they’re up to.
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What’s this new battery tech?
Toyota has fallen behind on the EV front after being a leader in the hybrid market. It only announced its first fully electric vehicle in 2022, so it’s been playing catch up to companies like Tesla and even mainstream automakers like Ford and GM.
In June, Toyota told the world about its new solid-state battery strategy, which we should see by 2028. It’s preparing to launch a line of next-generation EVs by 2026 using new lithium-ion phosphate technology that can increase driving range by up to 40%. It also expects to sell 1.5 million EVs annually by 2026.
A few days ago, Toyota dropped an electrifying claim: They’ve streamlined their solid-state battery material production process, leading to serious innovation. Solid-state batteries have been all but a myth to date, and this discovery could halve the size, weight, and cost of batteries, while improving safety.
But there’s more. Toyota’s president of research and development believes their solid-state battery could charge in ten minutes or less. Not only that, but this ten-minute charge could provide a range of 1,200km (745 miles), twice the range of their current EV offering.
Effect on Toyota’s stock price
Toyota’s stock (NYSE: TM, LON: TYT) saw a nice jump in its stock price of over 7% on the back of the June announcement.
The latest solid-state battery news hasn’t had the same effect. That’s because this much-lauded tech has been a pipe dream for the industry for years, so there’s plenty of cynicism.
EV statistics and why it matters
But why is everyone so excited by this tech? And why does it matter? If you like stats (we love them), this section is for you.
For starters, the global EV industry is worth over $280 billion, and it’s forecast to be $1.3 trillion by 2028, so there’s a lot in it for any manufacturer who can revolutionize it.
EV sales have grown by around 14 times since 2016, with 2022 seeing 7.3 million EVs bought globally. Norway is paving the green way, with 82% of new car registrations being EVs in 2021.
The bottom line
By 2050, electric vehicles will make up 81.5% of all car sales. Of course, it’s not all about money. In the US, transportation is the largest CO2 polluter (29%), with traditional fuel-based cars accounting for 58%. EVs are a step closer to cleaner air.
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