Toyota announces plan for car batteries that charge in less than 10 minutes

Solid-state batteries can hold more energy than current liquid electrolyte batteries.

Still, such batteries are expensive and likely to remain so for years.

It plans to deliver 1.5 million EVs in 2026 by expanding its battery EV lineup and developing technology.

“With the evolution of the vehicle’s operating system, the next-generation battery EV will also enable customization of the ‘driving feel,’ with a focus on acceleration, turning, and stopping,” it said.

In its latest announcement, Toyota said it was also working on innovating lithium-ion batteries, the battery type now in most EVs, and wants to offer new affordable options.

Toyota said it would produce an EV with a more efficient lithium-ion battery offering a range of 1,000km. By comparison, the long-range version of the lithium-ion-powered Tesla Model Y can drive for about 530km.

The manufacturer says an EV powered by a solid-state battery would have a range of 1,200 km and a charging time of just 10 minutes, Toyota said. By comparison, the Tesla Supercharger network offers the equivalent of 321km of charge in 15 minutes.

EV owners usually have charging stations in their homes and keep their cars plugged in overnight to recharge. 

That’s one of the main reasons Toyota has long insisted that hybrids are a better solution. A hybrid recharges as the car runs, but it also has a gasoline engine in addition to an electric motor.

Toyota President Koji Sato has said the company must play catchup after falling behind in the EV sector. 

The plan comes a day before an annual shareholders meeting where governance and strategy — including a slow pivot to battery EVs under former CEO Akio Toyoda — will be scrutinised.

Shares of the world's best-selling automaker jumped 5% on the day to $15.57, the highest since August.

Toyota says it is committed to a “hydrogen society” and is continuing to work on models powered by hydrogen, including fuel cell vehicles.

Hydrogen is still expensive and usually made using fossil fuels, although it can be made using renewable energy. Toyota said it’s working with various partners to produce cleaner and cheaper hydrogen.

Toyota, which makes the Prius hybrid, Camry sedan, and Lexus luxury models, is also working on second-generation biofuels. Biofuels, such as ethanol, are considered more renewable than fossil fuels though they have other drawbacks.

Toyota sold almost 10.5m vehicles in 2022, and has a market value of about $254 billion. By contrast, Tesla sold one-eighth as many vehicles yet is valued at around $791bn, a premium reflecting investor belief in Tesla's growth potential.

 - additional reporting by Reuters