Toyota Motor Corp. (NYSE: TM) for years has maintained its role as a leading motor vehicle company in terms of worldwide sales. The Company has sold 10.6 million vehicles thus far in 2019. Last year, it was even named the most valuable automotive brand with two of the top three best-selling cars including the Toyota Camry and Toyota Corolla.
Following these accomplishments, Toyota looks to capitalize on the Gold Rush-like market of electric cars. It will compete in the race to develop a more efficient electric vehicle (EV) in an effort to reduce humanity’s carbon footprint.
Earlier this month, Subaru (OTC: FUJHY) announced that it is partnering with Toyota to launch electric vehicles under each brand. Toyota has concentrated its focus on the most important part of an electric vehicle, the battery.
The Company will attempt to use an upgraded version of the lithium-ion batteries used in laptops, cellphones and other electric car engines. Toyota will work with electronics companies such as Panasonic Corp. (OTC: PCRFY), to produce next-generation batteries, nicknamed the Jesus battery, to provide a safer, more compact, easier-to-maintain, car engine. The battery should provide 600 miles worth of driving with just 15 minutes of charging.