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Toyota to develop EV battery tech from $13.5 billion

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Toyota Motor said that it will be spending over $13.5 billion by 2030 for the development of batteries and their supply system. The largest automaker in the world is ready to launch its electric line-up by next year. The car-making company has decided to slash the cost of its batteries by more than 30% by improving the materials used and the way cells are structured.

The Chief Technology Officer Masahiko Maeda gave a briefing where he said that the company aimed to enhance the power consumption which indicates the amount of electricity used per kilometer and this will be started with the Toyota bZ4X.

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