Toyota Secures $850 Million for Next-Gen EV Battery Development and Ambitious Goals.
Toyota will receive an $853 million subsidy from the Japanese government to expand the production of electric vehicle batteries and become less dependent on Chinese-related supply chains. The automaker will use the money to develop the next generation of lithium-ion EV batteries which use bipolar lithium iron phosphate technology and have the potential to offer 20 percent more range in electric vehicles and cost around 40 percent less than the current generation lithium-ion batteries used in the Toyota bZ4X crossover. Toyota plans to launch 10 new BEVs by 2026 and will produce an all-new electric SUV in Kentucky starting in 2025, as well as investing $2.1 billion in a battery factory in North Carolina.