Toyota unveils battery tech, EV innovation plans

STORY: Toyota shares rose Tuesday (June 13) after the automaker revealed a new strategy for electric vehicles.

Investors were happy to hear the auto giant plans to introduce high-performance, solid-state batteries and other technology.

The Japanese firm claims this will improve the driving range of future EVs and cut costs.

Toyota's technology roadmap covers a variety of factors, like battery development and radical redesigns of factories.

It's the fullest disclosure of its plan to compete in the fast-growing market for EVs, where it has struggled to keep up with rivals like Tesla.

It also comes a day before an annual shareholders meeting where governance and strategy will be in focus.

Toyota said it aimed to launch next-generation lithium-ion batteries from 2026, offering longer ranges and quicker charging.

It also claimed it made a "technological breakthrough" to address durability problems in solid-state batteries, which can hold much more energy than current technology.

Toyota says a car with such cells could drive around 750 miles, and then recharge in just 10 minutes.

It did not detail expected costs or required investment for the plans.

The carmaker said it was developing a dedicated EV platform to reduce the cost of new models.

It also said it was building a heavily automated assembly line that would do away with the traditional conveyor belt system.

In Toyota's "self-propelling" assembly line, cars under production would drive themselves through the process.

Toyota aims to sell 3.5 million EVs per year by 2030.