Toyota introduces plan to cut costs, extend driving range of EVs

Toyota unveiled a wide range of technologies meant to extend the driving range of its electric vehicles (EVs), as well as make them more affordable. The June 13 announcement marks Toyota’s most in-depth plan to compete with Tesla to be the world’s top EV producer. The strategic move made Toyota’s shares jump 5% higher, the highest since August. 

The Japanese giant said it aims to launch next-generation lithium-ion batteries from 2026, which will offer longer battery life and a quicker charge. Toyota said it is creating a high-end model with a range of 745 miles in a charging time of just 10 minutes.

In comparison, Tesla’s supercharger network, the largest of its kind, currently offers 199 miles in a charge time of 15 minutes.

Toyota is also embarking on a radical redesign of factories. It is developing a dedicated EV platform to reduce the cost of new models, and it is also moving from assembly line production to automated, cars will drive themselves through the production process. 

In 2022, Toyota sold 8,584 EVs worldwide, including under its Lexus brand, accounting for more than 1% of its global sales in a single month for the first time.