Toyota Motor Corp has announced plans to spend over $13.5 billion by 2030 developing electric vehicle battery technology.

The company aims to develop both batteries and battery supply systems during the nine-year period.

Toyota is reportedly moving quickly to launch its all-electric vehicle range next year.

The company said it aims to slash the cost of its batteries by 30 per cent or more by developing the materials and the ways cells are formed, said Reuters in a report published on Tuesday.

"Then, for the vehicle, we aim to improve power consumption, which is an indicator of the amount of electricity used per kilometre, by 30%, starting with the Toyota bZ4X," chief technology officer Masahiko Maeda told a briefing, referring to an upcoming compact SUV model, according to the news agency.

It has been reported that the automotive business is ahead in the mass production of solid-state batteries, which charge more quickly, are less susceptible to catching fire, and are more energy dense. Maeda said that while the business was still battling with the short service life of the cells, the original target to start the manufacture of these batteries in the mid-2020s still stands.

"We are still searching for the best materials to use," he said.

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