Benzinga | Sep 7, 2021 05:22AM EDT

Toyota Announces $13B EV Investment

* Toyota Motor Corp (NYSE:TM) plans to spend 1.5 trillion yen ($13.5 billion) by 2030 to develop batteries and its battery supply system to tap the billion-dollar market.

* Toyota aims to deliver its first all-electric line-up in 2022, Reuters reports.

* The automaker plans to cut the cost of its batteries by 30% or more by working on its materials and power consumption boost.

* Toyota is also the front runner to mass produce solid-state batteries, which could replace liquid lithium-ion batteries.

* Toyota also plans to use solid-state batteries in hybrid electric vehicles like the Prius.

* Price Action: TM shares closed higher by 1.75% at $179.27 on Friday.