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Toyota (TM) Unites With Idemitsu to Make Solid-State Batteries
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Toyota Motor (TM - Free Report) announced a collaboration with Idemitsu, a Japanese petroleum company, for mass production of solid-state batteries for battery electric vehicles (BEVs). The company aims to commercialize these BEVs by 2027-2028.
The first-generation solid-state batteries will enable a driving range of 621 miles on a full charge. High stability at extreme temperatures, fast energy transfer and low footprint give solid-state batteries an edge over traditional lithium-ion batteries.
The partnership will have three phases. In the first phase, both companies will work together on developing better sulfide solid electrolytes with a focus on quality, cost and lead times.
In the second phase, a large pilot factory will be constructed where Idemitsu will obtain mass production technology for solid electrolyte-based batteries. Toyota will integrate all solid-state batteries into its next-gen EVs and ensure market launch of vehicles in 2027-2028.
In the last phase, depending on the result of second phase both companies will search solutions for future full-scale mass production and commercialization of EVs equipped with solid-state batteries.
Companies have not provided a timeline for the three-phase plan. Koji Sato, president and CEO of Toyota, said that both companies have developed a crack-resistant material to address the issue of degrading battery performance caused by repeated charging and discharging.
The combination of solid electrolyte, and Toyota Group's cathode and anode materials, and battery technologies will help both companies achieve performance and durability in solid-state batteries.
The Japanese auto giant aims to generate 40% of its global sales from EVs by 2025 and 70% by 2030. The company plans to invest $35 billion in a lineup of 30 BEVs by 2030. It is targeting to expand global sales of BEVs to 3.5 million units a year by 2030.
The Zacks Consensus Estimate for ADNT’s 2023 sales and earnings indicates year-over-year rises of 9.1% and 1,790.9%, respectively. The EPS estimate for 2023 has moved up by 15 cents in the past 60 days. The EPS estimate for 2024 has moved up by a cent in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings suggests year-over-year improvements of 9.3% and 26.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 12 cents and 19 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for MGA’s 2023 sales and earnings implies year-over-year growth of 13% and 31.5%, respectively. The EPS estimates for 2023 and 2024 have moved north by a cent and 4 cents, respectively, in the past seven days.
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Toyota (TM) Unites With Idemitsu to Make Solid-State Batteries
Toyota Motor (TM - Free Report) announced a collaboration with Idemitsu, a Japanese petroleum company, for mass production of solid-state batteries for battery electric vehicles (BEVs). The company aims to commercialize these BEVs by 2027-2028.
The first-generation solid-state batteries will enable a driving range of 621 miles on a full charge. High stability at extreme temperatures, fast energy transfer and low footprint give solid-state batteries an edge over traditional lithium-ion batteries.
The partnership will have three phases. In the first phase, both companies will work together on developing better sulfide solid electrolytes with a focus on quality, cost and lead times.
In the second phase, a large pilot factory will be constructed where Idemitsu will obtain mass production technology for solid electrolyte-based batteries. Toyota will integrate all solid-state batteries into its next-gen EVs and ensure market launch of vehicles in 2027-2028.
In the last phase, depending on the result of second phase both companies will search solutions for future full-scale mass production and commercialization of EVs equipped with solid-state batteries.
Companies have not provided a timeline for the three-phase plan. Koji Sato, president and CEO of Toyota, said that both companies have developed a crack-resistant material to address the issue of degrading battery performance caused by repeated charging and discharging.
The combination of solid electrolyte, and Toyota Group's cathode and anode materials, and battery technologies will help both companies achieve performance and durability in solid-state batteries.
The Japanese auto giant aims to generate 40% of its global sales from EVs by 2025 and 70% by 2030. The company plans to invest $35 billion in a lineup of 30 BEVs by 2030. It is targeting to expand global sales of BEVs to 3.5 million units a year by 2030.
Zacks Rank & Key Picks
TM currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Adient plc (ADNT - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Magna International Inc. (MGA - Free Report) . While ADNT sports a Zacks Rank #1 (Strong Buy), ALSN and MGA carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for ADNT’s 2023 sales and earnings indicates year-over-year rises of 9.1% and 1,790.9%, respectively. The EPS estimate for 2023 has moved up by 15 cents in the past 60 days. The EPS estimate for 2024 has moved up by a cent in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings suggests year-over-year improvements of 9.3% and 26.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 12 cents and 19 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for MGA’s 2023 sales and earnings implies year-over-year growth of 13% and 31.5%, respectively. The EPS estimates for 2023 and 2024 have moved north by a cent and 4 cents, respectively, in the past seven days.