Last week, Toyota announced it will set up a joint auto battery business with Japanese electronics maker Panasonic Corp. Terashi stressed the deal with Panasonic is "a crucial piece" in Toyota's strategy, and that it wanted to promote a Japanese partnership.
Advances in battery technology are vital to the success of EVs. A major shift toward their use would require more use and recycling of the rare and expensive materials used in batteries, such as lithium.
Toyota announced other goals on green vehicles. By about 2030, it hopes to sell 5.5 million electrified vehicles a year. Toyota sells about 10 million vehicles globally a year.
The company said it will invest 1.5 trillion yen ($13 billion) to realize its 2030 goal, more than half of it on making batteries.
Other automakers, including Nissan, Volkswagen and Honda, offer or are working on electric vehicles. That means competition among battery makers is heating up. It is unclear whether Panasonic will emerge the victor in the race.
Toyota has generally sought to develop key technologies in-house, rather than purchasing them from outsiders. That includes knowhow for computer chips and robotics, which are also expected to be pillars of growth for the auto sector in coming years.
- Associated Press