KEY TO REMEMBER
- Toyota and Idemitsu will work together to mass produce solid-state batteries for electric vehicles (EVs).
- Batteries could help reduce EV charging times and support longer ranges long.
- The companies intend to start producing the batteries between 2027 and 2028.
Toyota (TM) and Japanese oil company Idemitsu Kosan announced plans to work together to mass produce batteries semiconductors for electric vehicles (EVs), which they say could reduce charging times and support longer ranges.
Toyota, the world's best-selling automaker, announced its shift to solid-state batteries earlier this year and said it had been working on research and development (R&D) of related technologies since 2006 Japan's second-largest refiner, Idemitsu, has been working on related R&D since 2001 and said it was one of the first companies to develop elemental technology for solid-state batteries.
Toyota and Idemitsu said that #39;they would establish a solid electrolyte supply chain, essential for the commercialization of solid-state batteries, and begin producing batteries for electric vehicles between 2027 and 2028, laying the foundation for ;mass production.
The announcement comes as Toyota is lagging behind rivals like Tesla and China's BYD in the fierce competition for market share in the electric vehicle industry, and meeting the challenges of solid-state battery production, Toyota could strengthen its competitive advantage.
Toyota shares rose by 2% in early trading at 9:45 a.m. ET Thursday following the news, and has gained more than 31% year to date.
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