In the world of electric vehicles, two major players, Tesla and Chinese company BYD, have achieved significant milestones in the second quarter, according to their sales figures.
Tesla has initiated a price war in the electric vehicle market, prioritizing market share over short-term profits by reducing prices several times already this year. This strategy seems to be paying off, as the announced delivery numbers reached record levels in the second quarter. Additionally, Tesla managed to decrease the gap between production and deliveries from 18,000 to 13,560 units, a figure closely monitored by investors. Following suit, a day later, Chinese automaker BYD, one of the largest electric vehicle sellers in the world, reported their best quarterly sales to date.
However, the real positive news in the industry recently came with Toyota's major breakthrough in electric vehicles, despite being slower than its competitors in this field.
Toyota has announced plans to fully commercialize solid-state lithium batteries by 2027. According to the plan, these batteries can cut the cost and size of electric vehicle batteries in half.
With this announcement, the world's best-selling automaker aims to reduce the size, cost, and weight of their batteries by 50%, enabling electric vehicles to achieve a range of approximately 1,200 km and a charging time of 10 minutes or less.
Solid-state lithium technology has long been hailed as the holy grail of the battery and electric vehicle industries. These groundbreaking batteries have the potential to overcome many performance limitations found in today's EVs. Apart from significantly increased range and shorter charging times, solid-state batteries also boast longer lifespans and better resilience to sub-zero temperatures.
