Toyota has entered into a major strategic partnership with the intention of reshaping the electric vehicles industry by mass-producing state-of-the-art solid-state batteries.
In a revolutionary move in the automotive industry, Toyota and Idemitsu Kosan have joined forces in a pioneering alliance dedicated to the development and mass production of exclusively solid-state batteries, designed specifically for electric vehicles (EVs).
It is a strategic partnership that builds on Toyota’s statement from June, about the intention to present the high-performance batteries, with the aim of increasing the driving range and cost efficiency of upcoming electric vehicles.
Technological progress
Toyota, the world’s leading carmaker in terms of sales, hailed the strategic partnership as a technological advance that specifically addresses durability issues in solid-state batteries. The company is actively involved in designing methods for the mass production of these batteries. In a joint statement issued on Thursday, both Idemitsu and Toyota revealed their ambition to bring next-generation batteries into commercial production by 2027 or 2028, followed by a full scale-up of their production.
Toyota Chairman Koji Sato and Idemitsu Chairman Shunichi Kito are scheduled to hold a press conference later in the day to explain their groundbreaking partnership.
Superior performance
Compared to current liquid electrolyte batteries, solid-state batteries boast significantly more energy storage capacity, a development that automakers and industry analysts believe will accelerate the transition to electric vehicles. According to Toyota, an electric vehicle equipped with a solid-state battery could achieve an impressive range of 1,200 kilometers, with only a 10-minute charging time.
Despite these promising advances, it is important to note that such batteries, at least for the foreseeable future, will remain relatively expensive. Idemitsu, Japan’s second largest oil refiner, is strategically diversifying into electric vehicle battery supply chains. Earlier this year, the company increased its stake in Australian lithium producer Delta Lithium to 15 percent, aligning with a global trend among automakers to electrify their fleets.
Source: Reuters