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Toyota confirmed plans to launch solid-state EV batteries with 10-minute fast charging and up to 750 miles (1,200 km) WLTP range to close the gap with Tesla. However, with the new EV battery tech still a few years out, Toyota could fall further behind.

Toyota has been teasing solid-state EV battery tech for several years now. After discovering a “technological breakthrough” in June, Toyota said it was accelerating development.

In October, Toyota and Japanese oil giant Idemitsu Kosan announced they would develop and build solid-state EV batteries. The batteries are expected to begin rolling out in 2027, with mass production following.

Vikram Gulati, head of Toyota Kirloskar Motor, confirmed the plans at an investment summit in India. “We will be rolling out our electric vehicles with solid-state batteries in a couple of years from now.”

It will power “a vehicle which will be charging in 10 minutes, giving a range of 1,200 km (750 miles),” Gulati said. According to Toyota’s India boss, the battery will also have a “very good” life expectancy.

The move comes as India looks to become a global force in the transition to EVs. Electric cars made up about 2% of overall vehicle sales in India last year, but the nation aims to reach 30% by 2030. Annual EV sales could hit 10 million by the end of the decade, according to India’s road transport minister.

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Toyota three-row electric SUV concept (Source: Toyota)

Toyota plots solid-state EV battery roadmap

The company claims its new tech will offer 10-minute fast charging and significantly more range.

Two versions are expected: one offering 621 miles (1,000 km) WLTP range and a further evolution that features 750 miles range (1,200 km).

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Toyota EV battery roadmap (Source: Toyota)

Although Toyota claims its solid-state batteries could be a “potential game-changer for BEVs,” they are not expected to launch until 2027 (at the earliest).

It’s aiming to begin rolling out the new battery tech in 2027 and 2028. Despite this, in a recent Toyota Times post, the company said mass production is expected “for 2030 and beyond.”

Ahead of its solid-state batteries, Toyota plans to launch other next-gen EV battery tech. In 2026, Toyota aims to launch a Performance lithium-ion battery that offers 20% more range (~500 mi) than its current bZ4X with 20-minute fast charging.

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2024 Toyota bZ4X XLE FWD (Source: Toyota)

A Popularisation battery is due out the following year. The lithium iron phosphate battery is designed to lower costs by around 40% compared to the bZ4X. Toyota revealed the 2024 bZ4X will start at $43,070 with up to 252 miles EPA range in the US.

By 2030, Toyota aims to sell around 3.5 million EVs, or around a third of global sales. Toyota plans to launch ten new electric models as it looks to catch up to Tesla and BYD.

Electrek’s Take

Although Toyota is (again) promising its solid-state EV battery will improve range and charging while lowering costs, we’ve heard this story several times before.

Toyota’s first solid-state battery-powered EV was due out in 2021, then it was in 2022. We still have yet to see the technology, and it’s already 2024. Now, Toyota plans to introduce them in 2027/2028, with mass production coming after 2030.

By then, several companies will have already rolled out the tech. Volkswagen, Hyundai, Nissan, BMW, and others are also working to release solid-state battery tech.

VW’s PowerCo battery unit recently said QuantumScape’s solid-state battery could drive 500,000 km (311,000 miles) with almost no range loss.

Source: Reuters

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Cleveland-Cliffs shares jump 17% as steelmaker looks into rare earths mining

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Cleveland-Cliffs shares jump 17% as steelmaker looks into rare earths mining

Signage outside the Cleveland-Cliffs Inc. Cleveland Works steel mill in Cleveland, Ohio, US, on Wednesday, Aug. 17, 2022.

Luke Sharrett | Bloomberg | Getty Images

Cleveland-Cliffs is looking into building a rare earths mining business, CEO Lourenco Goncalves told investors Monday.

The steelmaker has two sites in Michigan and Minnesota where geological surveys have found indications of rare earths, Goncalves said in a statement on Cleveland-Cliffs’ third-quarter earnings.

Shares of Cleveland-Cliffs were trading about 17% higher.

“If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel,” the CEO said “American manufacturing shouldn’t rely on China or any foreign nation for essential minerals, and Cliffs intends to be part of the solution.”

Rare earths are used to manufacture magnets that are key inputs in U.S. weapons platforms, electric vehicles, semiconductor fabrication, robotics and other applications.

China dominates the global rare earth supply chain and the U.S. is dependent on Beijing for imports. Beijing imposed strict export controls on rare earths earlier this month, provoking President Donald Trump to threaten 100% tariffs in retaliation.

The U.S. has only one commercial rare earth mine. The Defense Department struck a deal in July with the mine’s owner, MP Materials, that included an equity stake, a price floor and an offtake agreement.

Investors have been speculating that the Trump administration will strike similar deals with other U.S. companies that are trying to stand up domestic rare earths mines and processing facilities.

This is a developing story. Please check back for updates.

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Lucid (LCID) enlists big-name stars to hype its new luxury electric SUV

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Lucid (LCID) enlists big-name stars to hype its new luxury electric SUV

Lucid Motors (LCID) is recruiting more high-profile stars to spotlight its new luxury electric SUV, the Gravity.

The luxury EV maker is teaming up with some of the NBA’s biggest stars, Jalen Brunsen and Josh Hart, in its latest collaboration.

Lucid enlisted Jalen and Josh, teammates on the New York Knicks, for a new market campaign designed to celebrate “those who refuse to settle for the status quo.”

Keep a lookout this Wednesday, October 22, during the New York Knicks home opener against the Cleveland Cavaliers to see Jalen and Josh hype the Lucid Gravity electric SUV.

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Lucid, Hart, and Brunson plan to showcase “how precise performance, cultural influence, and athletic excellence come together — on the court, on the road, and in the moments that move individuals.” The partnership is the latest as Lucid builds a roster of high-profile celebrities and athletes to promote the brand.

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NBA superstars Jalen Brunson and Josh Hart alongside the Lucid Gravity (Source: Lucid Motors)

“To be one of the best, you have to be willing to do whatever it takes,” Brunson said, adding “It’s a commitment to improving every day, and never accepting that you can’t reach that next level. I see that same passion for excellence in Lucid.”

Lucid said the collaboration “underscores the brand’s mission to compromise nothing” as it builds a roster of high-profile celebs and athletes to promote the new Gravity electric SUV.

In August, Lucid teamed up with Timothée Chalamet, its first global brand ambassador, for an ad campaign called “Driven.”

Lucid also attended NFL star Travis Kelce’s, Kelce Car Jam last month. For every test drive, Lucid donated $87 to Kelce’s Eighty-Seven and Running Foundation. Kelce founded Eighty-Seven & Running in 2015 to mentor disadvantaged youth, help develop their skills, and motivate them to get out and do their best.

As it ramps up output, the EV maker has been actively promoting the Gravity. Last week, Lucid trolled Tesla on social media in a video asking Elon Musk’s Grok, “What’s the best luxury EV?”

Grok’s answer: The 2025 Lucid Air. Do you agree? ChatGPT and CoPilot said the same.

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Elon Musk threatens to leave Tesla (TSLA) if he doesn’t get his ridiculous pay

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Elon Musk threatens to leave Tesla (TSLA) if he doesn't get his ridiculous pay

Elon Musk has openly threatened to leave Tesla, or at least his role as CEO, if he doesn’t get his ridiculous compensation.

He is now saying the quiet part out loud.

Tesla shareholders are about to vote on a new, controversial compensation package for Elon Musk.

While many are focused on the ridiculous size of the stock options, which could be worth up to $1 trillion, many analysts have highlighted other problems with the package.

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A Reuters report last week noted that, with business as usual and a market capitalization growth below the S&P average, Musk could still receive one or even two tranches of his compensation package, worth between $20 billion and $40 billion.

In short, under the rules of the package, Musk could receive the biggest payday in history for returning below average returns.

That’s on top of the CEO already having received more compensation from Tesla than the company has earned in profits since its existence.

One commentator on X pointed out the concern about the first tranche of the compensation plan. Instead of addressing the genuine concern, Musk responded by boasting about Tesla’s market capitalization and suggesting that he won’t be Tesla’s CEO if he doesn’t get the pay:

Tesla is worth more than all other automotive companies combined. Which of those CEOs would you like to run Tesla? It won’t be me.

The CEO then shared posts encouraging Tesla shareholders to vote for the shareholders meeting, which is happening on November 6th.

Electrek’s Take

There are many issues with this comment. First off, it completely ignores a real problem with the comp package. Even if you believe that Musk would deserve $1 trillion in compensation for bringing Tesla’s valuation to $20 trillion, the package shouldn’t allow for Musk to make tens of billions from below average return.

It looks like the package is being used as a trojan horse to dazzle shareholders with the promise of unlikely crazy returns when the more likely outcome is to give Musk what would still be a record compensation for Tesla delivering a below average return on investment.

The fact that Musk doesn’t want to address this clear issue is a red flag.

Furthermore, Musk is using a dirty card: you play by my rules or I’m gone.

This is what I previously called the ‘Tesla Dilemma’: Elon Musk is destroying Tesla’s profitable car business, but at the current valuation, his lies about self-driving and robots is what is keeping the stock alive.

Therefore, Tesla shareholders are disincentivized to vote against Musk if he threatens to leave because he would leave with his stock pumping lies – leading in the stock crashing.

He has a complete hold on Tesla and he is going to force shareholders to give him another ridiculous stock compensation package.

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