Toyota says to produce new hybrid battery next year

0 Comments | AFP, June, 2008

TOKYO (AFP) — Toyota Motor Corp. said Wednesday that it plans to start producing lithium-ion batteries next year as it races against rivals to develop new high-mileage hybrid vehicles.

Toyota, seeking to keep its lead in the growing hybrid market amid rising petrol prices, said its joint venture with Matsushita Electric Industrial Co. will move into full-scale production of lithium-ion batteries in 2010.

The Japanese giant was a pioneer of hybrids, which are equipped with an electric motor and a standard petrol engine to make them more economical.

The firm is poised to overtake General Motors this year as the world's top automaker but faces renewed competition from other Japanese firms, such as Honda, and overseas rivals in the green automobile race.

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