Toyota Unveils Plans For EV Innovation And New Battery Technologies

Toyota Motor Corp TM has unveiled a variety of new technologies that will support its transformation into a mobility company.

The technical briefing session under the theme "Let's Change the Future of Cars" explained Toyota's technology strategy and the direction of future car manufacturing.

Toyota, in April, said its future mobility strategy is based on electrification, intelligence, and diversification.

As of March 2023, the company has shifted more than half of its R&D staff and approximately half of its R&D expenses to Advanced Development fields while increasing the total amount. 

The company intends to refine Toyota Safety Sense and deliver safe and reliable technologies, connect with colleagues worldwide and accelerate localization.

Also Read: Toyota Boosts North Carolina Battery Plant Investment By $2.1B

Toyota will roll out next-generation battery electric vehicles (BEVs) globally and as a full lineup to be launched in 2026. By 2030, 1.7 million units out of 3.5 million overall will be provided by BEV Factory.

TM aims to promote external sales of fuel cells using Mirai's hydrogen units and has received offers for external sales of 100,000 units by 2030.

The car manufacturer will establish a new organization called Hydrogen Factory in July to work toward full-scale commercialization.

Toyota said the next-generation system will achieve a 37% cost reduction through technological progress, volume efficiency, and localization.

Price Action: TM shares closed higher by 0.64% at $149.59 on Monday.