Toyota Motor Corp TM is reportedly gearing up to launch vehicles globally within a couple of years equipped with advanced solid-state batteries that can charge faster and have a long life.
With this move, Toyota aims to catch up with EV leaders like Tesla Inc TSLA and Chinese competitors such as BYD Company BYDDY.
Last year, Toyota collaborated with oil refiner Idemitsu Kosan to develop and mass-produce these batteries, targeting commercialization between 2027 and 2028, reported Reuters.
The report cited Vikram Gulati, the India head of Toyota Kirloskar Motor, speaking at the Vibrant Gujarat Global Summit, that these new vehicles would offer rapid charging in 10 minutes, a driving range of 1,200 kilometers (750 miles), and an extended lifespan.
In related news, Japan's Suzuki Motor revealed that its Indian subsidiary and Toyota's partner, Maruti Suzuki, would export the group's first battery EV to Japan and Europe, as per the report.
Electric models reportedly accounted for approximately 2% of India's car sales last year. However, the Indian government aims for a 30% share by 2030, with the road transport minister predicting annual EV sales in India could hit 10 million vehicles by then.
Gulati emphasized that Toyota's approach to sustainable technology would vary depending on the country, market, and consumer preferences. For India, he mentioned flex fuel and ethanol as immediate, viable options.
Also Read: Toyota's Electrification Pledge: Plans Full EV Option By 2025-End In US; 2023 US Sales Surge 6.6%
Price Action: TM shares are trading higher by 0.64% at $193.95 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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