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illuminem summarizes for you the essential news of the day. Read the full piece from The Financial Times here or enjoy below!
🗞️ Driving the news: Toyota recently unveiled its ambition to produce solid-state batteries by 2027, which it hopes will cut the size and cost of power units for electric vehicles in half
• Despite Toyota's optimism, solid-state battery technology has been historically elusive in the industry
🔭 The context: Solid-state batteries could revolutionize the electric vehicle (EV) sector
• Solid-state batteries, which utilize solid electrolytes, have the potential to hold more power, charge faster, and operate more safely compared to the currently used liquid lithium-ion batteries
🌎 Why does it matter for the planet: Solid-state batteries could potentially accelerate the adoption of EVs by addressing key limitations of current battery technology, accelerating the transition from fossil-fuel-powered vehicles to electric ones
⏭️ What’s next: Several carmakers and start-ups are heavily investing in solid-state batteries to get ahead in the electric vehicle race
• BMW plans to begin testing solid-state cells this year, while Nissan aims to produce a vehicle using the technology in 2028
• Toyota plans to commercialize the technology by 2027, even though it has pushed back its target date from an initial goal of 2025
💬 One quote: “A lot of developers have been saying ‘in five years’ time for the past 10 years” (Victoria Hugill, battery research analyst at consultancy Rho Motion)
📈 One stat: Toyota claims that its EV powered by solid-state batteries are expected to have a range of 1,200km, more than double the range of its current EV, and a charging time of 10 minutes or less
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