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Toyota power electric car! Toyota Motor Corporation announced that it will cooperate with global battery manufacturers to cope with the rapid growth of electric vehicles, carry out battery supply and development cooperation with Chinese battery manufacturers Ningde Times and BYD, and also form battery supply alliances with Panasonic, Toshiba and Yuasa.

It is understood that Toyota has signed an agreement with Ningde Times on battery supply earlier, but details have not been disclosed. Toyota also said it was working with BYD to increase battery supply. It is expected that starting next year, Toyota brand electric vehicles sold in China will use lithium-ion batteries provided by local suppliers.

Toyota's extensive cooperation with global battery manufacturers is based on the rapid growth of the electric vehicle market.

Under Toyota's previous goal, Toyota aims to more than triple annual sales of electric vehicles from 2018 levels to at least 5.5 million by 2030, equivalent to half of the company's current global sales. Hybrid and plug-in hybrid vehicles will account for 4.5 million of these vehicles, while fuel cell and pure electric vehicles will account for more than 1 million.

But Toyota found the plan conservative. Toyota Motor Corporation revealed on June 7 that it is expected to reach its goal of increasing global sales of new energy vehicles to more than 5.5 million vehicles by 2030 about five years ahead of schedule.

Because of the rising demand in the electric vehicle market and the global improvement of fuel efficiency standards, Toyota believes it is necessary to accelerate the shift to electric vehicles and strengthen the procurement of electric core components to expand sales.

There is no doubt that the core component of electric vehicles lies in batteries, which often account for 30% or more of the cost of the vehicle. Therefore, Toyota is expected to cooperate with China's automotive battery giant Ningde Times New Energy Technology (CATL) to broaden procurement channels and prepare for mass production of electric vehicles.

Toyota established a partnership with Panasonic earlier this year. Under the agreement, Toyota will form a battery manufacturing joint venture with Panasonic by 2020, with the aim of reducing battery manufacturing costs and increasing production capacity.

Statistics from industry organizations show that as of 2017, the shipments of CATL lithium-ion batteries in Ningde era reached 15.5% in the global market share, ranking first. Panasonic ranked second with a share of 14.6%.

Toyota's move to collaborate extensively with battery manufacturers around the world is a move to catch up with a fast-changing market. The cooperation with Ningde Times and BYD Chinese battery manufacturers is a new measure for Toyota to further expand the Chinese market and establish itself in the world's largest new energy vehicle market.

Dong Changzheng, Toyota's vice president in China, said in April that he hoped one day Toyota's performance in China would surpass that in the United States. Toyota has plans to be the first to develop cars for China, especially electric vehicles.

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