Most major car manufacturers want to partner with battery tech start-ups working to build quantum glass batteries. Toyota (TM -0.49%) is taking a different route by looking to build its own. The company has been a laggard in the EV race, but in 2021, it said it would invest $13.6 billion in batteries over the next decade, including a significant portion in quantum glass batteries.
First, it's well capitalized with a thriving core business. There's no reason to worry about the glass battery investments sinking the stock, meaning it will be less volatile than a pure-play battery stock. Toyota also plans to initially use its solid-state battery cells in its hybrid vehicles.
In September 2022, the company acknowledged that it would take longer than expected to develop glass batteries for fully electric cars. Investors should expect such setbacks since producing these batteries at scale is a monumental engineering challenge.
At its June 2023 shareholders meeting, the company touted a "technological breakthrough" in its solid-state batteries and now aims to begin selling them by 2028, pushing back an earlier target date of 2025. It's now aiming for mass production by 2030, and it expects to focus on hybrids rather than EVs since the company sees hybrids as a good technological test case.
It said its first solid-state battery would offer a 20% increase in range over its standard lithium-ion battery to more than 600 miles and a fast charging time of 10 minutes or less.
In October 2025, it announced a development agreement with Sumimoto Metal Mining to mass-produce cathode materials for solid-state batteries, showing it's making progress, and the following month it opened its first battery plant in North America, though the plant is focused on high-performance lithium-ion batteries.
It's still on track to begin mass production on its solid-state battery by 2027 or 2028.
3. Solid Power