https://www.asahi.com/ajw/articles/14436029 Skip to content Your browser does not support JavaScript, or it is disabled.Please check the site policy for more information. The Asahi Shimbun | Asia & Japan Watch * [ ] [Search] * Twitter * Facebook Language * Ri Ben Yu * English * HOME * What's New * National Report * Politics * Business * Asia & World + China + Korean Peninsula + Around Asia + World * Sci & Tech * Culture + Style + Movies + Manga & Anime * Travel * Sports * Opinion + Editorial + Vox Populi + Views * Special The Asahi Shimbun > Business > article Toyota to spend 1.5 trillion yen on EV battery development THE ASAHI SHIMBUN September 8, 2021 at 17:54 JST * Share * Tweet list * Print Photo/Illutration The Toyota bZ4X, Toyota Motor Corp.'s prototype electric sport utility vehicle (Provided by Toyota Motor Corp.) Toyota Motor Corp. announced on Sept. 7 that it will invest 1.5 trillion yen ($13.6 billion) by 2030 in expanding the production of batteries for its electric and gas-electric hybrid vehicles. The funds will also go toward related research and development efforts. The global automaker aims to halve the production cost of electric-vehicle batteries in the latter half of the current decade. Toyota set a goal this spring to sell 8 million units of electric-powered vehicles a year in 2030, out of a projected total of 10 million vehicle unit sales worldwide. The massive investment is aimed at strengthening its own manufacturing capabilities so it can secure a stable supply of batteries for mass-producing more environmentally friendly cars. The global movement toward achieving carbon neutrality is rapidly expanding demand for electric-powered vehicles, and Toyota has drawn up plans to respond to this shift. But the high production cost of batteries is a major roadblock it faces in popularizing these vehicles. The battery alone is said to account for 30 percent of the production cost of an electric vehicle. Toyota plans to drastically reduce production costs through volume efficiency and materials research. "We will aim to halve the battery production cost (for EVs)," said Masahiko Maeda, the company's chief technology officer. Toyota sold about 2.15 million units of electric-powered vehicles in fiscal 2020. Most were hybrids. It aims to sell 2 million units of electric and fuel cell vehicles, and 6 million units of hybrid and plug-in hybrid vehicles in 2030. Maeda did not address specific plans to add new factories to increase battery production at a media briefing on Sept. 7. But he said that the company will spend 1 trillion yen on installing battery production systems out of its total investment of 1.5 trillion yen. The auto manufacturer will build about 10 new production lines for electric-vehicle batteries by 2025 and plans to add at least 10 new lines annually until 2030. (This article was written by Kohei Kondo and Jumpei Miura.) Related News * [c97e1c71be] Honda sets 2040 target for zero gasoline vehicles April 24, 2021 * [f12aa90cf0] Japan's plan to go electric covers minicars, 40% of new car market December 24, 2020 * [bed372e52c] Automakers gear up for slice of action in China's clean car market November 4, 2020 * [0946db9059] Japan adopts green growth plan to go carbon free by 2050 December 26, 2020 * [bf96cafc31] Toyota, Honda test joint system to supply power during disasters September 30, 2020 * [dd4afbcb9f] Toyota to test carbon-free hydrogen engine on racing circuit May 8, 2021 * Share * Tweet list * Print * * Trending Now (*) Last 24 hours ( ) Last 7 days 1. Photo/Illutration Japan shoots for November to ease virus restrictions across nation 2. 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