Toyota to spend $14 billion on battery development

Toyota plans to spend $14 billion on electric car battery development by 2030. 

The price of batteries will halve by the second half of the decade.

A year ago, Toyota began testing a prototype of a solid-state battery that is much more efficient than a lithium-ion battery. The Japanese automobile giant will equip its cars with solid-state batteries from 2025.

Toyota representatives say that solid-state batteries will appear in electric cars and cars with hybrid units.

Toyota says one of the important goals is to reduce the price of batteries by 50% by 2030, which will help lower the cost of electric cars equipped with such batteries.