Toyota Motor Corp. this week unveiled plans to launch next-generation battery electric vehicles (EVs) from 2026, with a range of up to 1,000 kilometers (621 miles) on a single charge. The Japanese automaker also said it would create a new EV unit to oversee the development and production of its electric vehicles.
Toyota’s new EVs will be powered by various battery technologies, including lithium-ion, solid-state, and lithium-iron-phosphate. The company said it had made a “technological breakthrough” in solid-state batteries, which are expected to offer longer ranges and faster charging times than lithium-ion batteries. Toyota plans to start mass-producing solid-state batteries in 2027 or 2028.
In addition to its new battery technologies, Toyota is also investing in new production methods for its EVs.
The company said it will use Giga casting, a process pioneered by Tesla, to reduce the complexity and cost of manufacturing its next-generation EVs. Giga casting uses a single, massive aluminum die-casting machine to create complex parts, such as the body of a car, in a single step.
Toyota’s new EV plans come as the global auto industry shifts towards electric vehicles.
Some investors have criticized the company for being slow to embrace EVs, but it is now playing catch-up. Toyota expects to sell 1.5 million EVs by 2026 and plans to invest $13.5 billion in battery production, research, and development over the next five years.
Transitioning the world to EVs
The transition to electric vehicles (EVs) is critical for several reasons. They include:
- Reduced emissions. EVs produce zero emissions when driving, which can help to improve air quality and reduce greenhouse gas emissions. According to the U.S. Environmental Protection Agency (EPA), EVs produce an average of 60% fewer emissions than gasoline-powered cars.
- Energy security. EVs are powered by electricity, which can come from various sources, including renewable energy. This reduces our reliance on imported oil and makes our transportation system more secure.
- Economic benefits. The transition to EVs could create thousands of jobs in manufacturing, installing, and maintaining charging infrastructure. It could also boost the economy by reducing fuel costs and increasing consumer spending.
- Improved public health. EVs can help reduce air pollution, a major public health problem. According to the American Lung Association, air pollution causes millions of premature deaths yearly in the United States.
- New technologies: The transition to EVs is expected to lead to the development of new technologies, such as better batteries and more efficient motors. These technologies could have applications in other industries, such as the aerospace and defense industries.
The electric vehicle (EV) revolution is in full swing, and the data is clear: EV adoption is growing fast. In the United States, EV sales increased by 80% in 2022, and they are expected to continue growing in the years to come.
China, however, is the clear frontrunner in the global EV market. More than 50% of vehicles hitting the roads in the country are electric. They are also a huge exporter of electric vehicles, especially in Europe.
In 2022 alone, China’s sales of electric vehicles to Europe rose to 16% up from 11% a year earlier.
China is expected to retain its title as the largest market for EVs, with over 40% of global sales by 2030.
There are a number of reasons for this rapid growth. One reason is that EVs are becoming more affordable. The average price of an EV has fallen by 30% in the past five years, and it is expected to continue falling.
EVs have also gotten more efficient. New battery technologies are making EVs more powerful and longer-range. This means that EVs are no longer just a good option for city driving; they are also a viable option for long-distance travel.
The growth of EVs is also being driven by government incentives. Many governments around the world are offering tax breaks, rebates, and other incentives to encourage people to buy EVs. These incentives have made EVs more affordable and accessible to a wider range of people.
The growth of the EV market is good news for the environment. EVs produce zero emissions, which means they can help reduce air pollution and climate change. As more and more people switch to EVs, we can expect to see a significant improvement in air quality and a reduction in greenhouse gas emissions.