Toyota Motor Corp. (NYSE: TM) Plans to Inject $13B into Developing EV Battery Tech

As the world starts to move on from the internal combustion engine, established automakers are making massive investments in electrification. Toyota Motor Corp. (NYSE: TM), which revolutionized the auto industry after it introduced the hybrid Toyota Prius more than two decades ago, has announced that it expects to spend more than $13 billion by 2030 developing electric vehicle (“EV”) batteries as well as a battery supply mechanism. EV batteries are still a work in progress, with automakers and battery makers working to develop lighter, energy-dense batteries, and Toyota’s investment will be instrumental in cementing the Japanese automaker’s spot in the crucial EV battery segment.

Electric vehicle batteries rely on rechargeable lithium-ion batteries for power. These battery packs make up a significant portion of an electric vehicle’s weight, and they are the most expensive components in an EV due to the scarcity of the minerals used to build lithium-ion batteries. By developing battery packs that are cheaper, lighter and more energy-dense, players in the EV space can kill two birds with one stone by making EVs more affordable and increasing their range. Toyota’s goal is to reduce…

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