Toyota to invest $13.5 billion in electric vehicle battery technology by 2030

Toyota Motor said on Tuesday that it expects to invest more than $13.5 billion by 2030 for developing batteries and its battery supply system.

Toyota, the world’s largest automaker by volume, which pioneered hybrid gasoline-electric vehicles with the well-known Prius, is moving ahead to deliver its first all-electric line-up by 2022.

The automaker said it intended to cut the cost of its batteries by 30% or more by working on the materials used and the way the cells are made.

“Then, for the vehicle, we aim to improve power consumption, which is an indicator of the amount of electricity used per kilometer, by 30%, starting with the Toyota bZ4X,” Chief Technology Officer Masahiko Maeda informed a briefing, referring to an upcoming compact SUV model.