Toyota Motor announced plans to upgrade the range, performance, and cost effectiveness of its electric vehicles through the use of high-performance, solid-state batteries and other technologies.
The Japanese automaker will begin launching next-generation batteries from 2026 in an effort to win over customers with cars that have greater ranges and charge more quickly, according to a Reuters report on Tuesday.
It also stated that it was working on a technology to commercially create solid-state batteries at scale by 2027–2028.
President of BEV Factory Takero Kato, gave a presentation on Tuesday in which he revealed that Toyota’s goal for its electric vehicles is 1,000 kilometers (620 miles) of driving range. Kato also said that the BEV Factory aims to manufacture approximately 1.7 million vehicles by 2030.
With an eye toward the future, Toyota plans to sell 1.5 million all-electric vehicles annually by 2026 and 3.5 million by 2030.
Toyota stock rose 4.45% at 2,161 yen after the announcement.