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The stock of Toyota, the renowned Japanese automaker, experienced a significant surge of 5% on Tuesday. This surge came in response to the company’s recent announcement regarding its plans to launch a comprehensive range of battery electric vehicles (BEVs) equipped with cutting-edge “next generation” batteries.
During a presentation on Tuesday, Takero Kato, the President of BEV Factory, revealed Toyota’s ambitious goals for their electric vehicles. Kato announced that Toyota is aiming for an impressive driving range of 1,000 kilometers (620 miles) for their EVs. Additionally, Kato stated that BEV Factory has set a target of producing approximately 1.7 million vehicles by the year 2030. These ambitious targets demonstrate Toyota’s commitment to pushing the boundaries of electric vehicle technology and scaling up their production capabilities.
When comparing the driving range of Toyota’s upcoming EVs to existing models, it’s worth noting that the Tesla Model 3 currently offers a range of approximately 430 kilometers, while the long-range variant can travel about 570 kilometers on a single charge. In contrast, Toyota has set ambitious targets for their electric vehicle sales. By 2026, they aim to achieve annual sales of 1.5 million all-electric vehicles, and by 2030, their goal is to sell a staggering 3.5 million all-electric vehicles each year.
In addition to their other endeavors, Toyota is actively engaged in the development of a mass-production method for all-solid-state batteries, specifically designed for battery electric vehicles. The company’s target is to commercialize this technology between the years 2027 and 2028. Toyota envisions a significant enhancement in cruising range, with a projected 20% improvement compared to current battery technologies, once their all-solid-state batteries are successfully implemented.
In addition to their ongoing efforts, Toyota is also actively involved in the research and development of a higher-specification model. This particular model is being designed with the goal of achieving a remarkable 50% improvement in cruising range compared to their current product. By focusing on enhancing the capabilities of their electric vehicles, Toyota aims to deliver even greater performance and extended driving ranges, catering to the evolving demands of customers in the electric vehicle market.
A significant breakthrough has been achieved by Toyota in addressing the durability challenge associated with all-solid-state batteries. This development has prompted the company to reassess the potential integration of these batteries into conventional hybrid electric vehicles (HEVs) while expediting their advancement as a primary battery technology for battery electric vehicles (BEVs). HEVs are vehicles that combine a conventional internal combustion engine with one or more electric motors. By leveraging this technological breakthrough, Toyota aims to enhance the performance and durability of both HEVs and BEVs, driving forward the evolution of electric mobility.
The recent technological breakthrough in battery durability for all-solid-state batteries by Toyota may indicate a shifting EV strategy under the leadership of CEO Koji Sato. Since assuming the position in April, Sato has emphasized an accelerated approach to the development of battery electric vehicles (BEVs) with a different perspective. This marks a departure from the previous CEO Akio Toyoda’s cautious approach to all-electric cars, where the company viewed them as one solution among others in its pursuit of carbon neutrality. This strategic shift is evident, as even in late 2022, Toyota unveiled new hybrid Prius models, reinforcing its commitment to hybrid technology.
