Toyota, Panasonic Consider Joint Development Of Electric Vehicle Batteries

The Toyota logo is shown at the Los Angeles Auto Show

More than 10 battery-electric models will be available by the early 2020s, with the rollout starting in China before gradually spreading to Japan, India, North America and Europe.

View of a Toyota logo on a wheel at the Mondial de l'Automobile, Paris auto show, during media day in Paris, France, September 30, 2016.

Panasonic already supplies lithium-ion batteries for Toyota's plug-in hybrid, the Prius, and the new venture is a step forward towards strengthening the engineering relationship between the two brands.

Setting out EV sales goals, the world's second-biggest automaker by sales after Volkswagen AG (VOWG_p.DE) said it needed to accelerate the pace of battery development, as tightening vehicle emissions regulations would require a steep increase in manufacturing capacity for more powerful batteries.

He said Toyota would introduce pure-battery models initially in China, followed by Japan, India, the US and Europe.

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The company said it will invest 1.5 trillion yen ($13 billion) to realize its 2030 goal, more than half of it on making batteries. Industry experts anticipate sales to reach 10 percent in coming decades. Toyota says energy density, weight, packaging and costs are all being addressed at the moment, with plans to commercialise solid-state battery technology by the "early 2020s".

The electrification will be across the entire Toyota and Lexus line-ups, it added.

Last week, Toyota announced it will set up a joint auto battery business with Japanese electronics maker Panasonic Corp.

By 2025, all models sold globally by the automaker will be either electric vehicles, plug-in hybrids, hybrids, or conventional models that will have electrified versions. Toyota President Akio Toyoda announced plans to almost quadruple annual sales of electrified vehicles to 5.5 million units, or half its projected global sales total, by 2030.



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