Reducing Electric Vehicle Costs by Half: Toyota's New Initiative
In a move towards a greener future, Toyota and Rivian, two leading automotive companies, have set ambitious targets for electrifying their vehicle lineups.
Toyota, a pioneer in hybrid technology, is aiming high with its battery development. The Japanese giant is targeting long battery lifespans for its vehicles, with a goal of limiting range degradation to just 10% after 10 years of use. This ambition is in line with California's next-generation Zero-Emission Vehicle (ZEV) standards, aiming for 80% EVs by 2035.
The company's goals extend beyond just longevity. Toyota aims to reduce battery cost per vehicle by 50% and expects the percentage of electrified models in U.S. sales to increase to nearly 70% by 2030. By 2025, 40% of its U.S. sales are expected to be electrified models, including hybrids, plug-in hybrids, and EVs.
Toyota's upcoming electric crossover, the bZ4X, will be launched next year. The reduction in battery capacity and electricity usage in the bZ4X is expected to result in a 30% cost reduction per vehicle. Other cost reductions will be achieved through material and battery-structure changes in the bZ4X.
Toyota is also aiming to commercialize all-solid-state batteries. While the company's ambitions for solid-state batteries do not fully align with its public statements in the United States, initial data from solid-state battery testing revealed potential issues with short service life. Development work on solid-state batteries will continue, but a release date for production cars has not been confirmed.
Meanwhile, Rivian, an American electric vehicle manufacturer, plans to prepare the sale of at least two electric models in the USA by 2030. Rivian aims that by 2030, 70% of its U.S. sales will be electrified.
The race to electrify the automotive industry is on, and Toyota and Rivian are leading the charge. With their ambitious goals and innovative approaches, these companies are paving the way for a more sustainable future.
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