Toyota will roll out a production EV with solid state batteries “in a couple of years,” and new car inventory is at a three-year high in the US.
This is AM Drive, Motor1’s daily look at the news you need before you get in your car.
Toyota Electric Vehicle With Solid-State Batteries Due In A Couple Of Years
Solid-state batteries always seem to be at least a few years away. In early 2022, Toyota said we’d get a hybrid with the revolutionary battery tech by 2025 but there hasn’t been any news on that front since then. However, last fall, the Japanese automaker did say it had achieved a “breakthrough.” It promised 10 to 80 percent charging in 10 minutes and a driving range of 621 miles (1,000 kilometers).
Initially, the first EV with solid-state batteries was supposed to come out in 2027 or 2028 but a new statement from a Toyota official suggests the launch might have been moved forward. Speaking at an investment summit in India, the Country Head of Toyota Kirloskar Motor said the car will be out “in a couple of years from now.”
Vikram Gulati touted even better range, saying an EV with a solid-state battery will be able to cover as much as 745 miles (1,200 kilometers) on a single charge. This figure was previously mentioned by Toyota for a higher-specification solid-state battery scheduled to arrive later.
New Car Inventory In The United States Reaches 2.7 Million Units
Cox Automotive estimates there are more than 2.7 million new cars waiting for a buyer in the United States. Last December alone, the inventory rose by over 200,000 vehicles. The existing fleet equates to a 71-day supply, and is projected to grow furthermore in 2024.
This year, new car inventory is estimated to reach nearly three million units, therefore matching the pre-pandemic levels. Cox Automotive believes that because dealer lots are busy, salespersons could “moderately” apply discounts in a bid to move more cars. However, price cuts of more than 10 percent seem unlikely.
On a related note, the industry analysts claim approximately 36.2 million used cars are going to be sold in the next 12 months, up by less than one percent compared to 2023.