Toyota Motor Corp. announced a variety of innovations to increase the range, performance, and affordability of electric cars (EVs) in the second half of the current decade.
The Japanese manufacturer, which has been criticized by investors for being tardy in launching battery electric cars, forecasts 1.5 million EV sales by 2026.
It also shared a few points regarding its EV takeover plan:
A day before its annual shareholder meeting, Toyota issued a technology briefing on new solid-state batteries.
Firstly, Toyota said that it is ready to produce solid-state batteries after several initiatives to improve both performance and cost. These batteries promise higher energy density and faster charging than lithium-ion batteries.
Solid-state battery vehicles will be sold by 2027 or 2028. Toyota claimed a “technological breakthrough” that solved solid-state battery durability issues.
In 2026, it will have a more energy-dense battery with a 1,000 km range, a charge time of 20 minutes, and a 20% cost decrease compared to its current EVs.
Toyota also promised to make cheaper lithium-iron-phosphate (LFP) batteries in 2026 or 2027. It targeted a 20% range gain and 40% cost reduction over the bZ4X.
Toyota said it would employ Giga casting, a Tesla production process, to make its next-generation EVs cheaper and simpler. Giga presses simplify automotive manufacture by eliminating intricate welded assemblies.
The Japanese automotive giant plans to develop more flexible assembly lines with self-propelled cars and digital technologies that could decrease its manufacturing investment cost for new vehicles by half and lower fixed costs like labor.
Toyota and Mitsubishi Heavy Industries rocket designers have been tasked with improving the EVs’ aerodynamics and range. Cars are more fuel-efficient when their drag coefficient, which measures wind resistance, is low.
Tesla’s best-selling Model Y has a coefficient of drag of 0.23. Lucid Air luxury performance EV has a market-leading coefficient of 0.197. Mitsubishi Technology and Toyota aim to attain a 0.1 coefficient, which would be much low than that of Lucid Air
Toyota said that it will introduce smaller “eAxles” that combine electric motors and the components to propel an EV. The suppliers include Aisin and Denso.
The company added that those components would add range to EVs and increase cargo space in the rear of the car, where the drive unit sits.
It is also working on developing silicon carbide wafers for semiconductors, which it will use in next-generation EV inverters. This technology is also being developed by Denso.
Those chips promise to reduce the power loss of an EV by 50%, Toyota said.