Toyota Motor Corp (NYSE: TM) has achieved a technological breakthrough that could reduce the weight, size, and cost of batteries for electric vehicles.

- The streamlined production of battery materials is expected to significantly reduce charging durations and improve driving range.

- The streamlined production of battery materials is expected to significantly reduce charging durations and improve driving range.

- Keiji Kaita, president of Toyota's research and development center for carbon neutrality, stated that the aim is to make current batteries smaller, lighter, and more affordable.

- The breakthrough includes addressing durability concerns and finding solutions for materials.

- A solid-state battery-powered electric vehicle could achieve a range of 1,200km and a charging time of 10 minutes or less.

- Solid-state batteries offer advantages such as decreased charging times, enhanced capacity, and reduced fire risk compared to traditional lithium-ion batteries.

- Analysts believe this development could help Toyota close the gap with Tesla Inc (NASDAQ: TSLA) in the electric vehicle market.

- Toyota's shares have increased by 13% since the announcement of its solid-state battery plan.

- Hiroki Nakajima, the chief technology officer, stated that the company does not consider this technology as the definitive solution for battery challenges.

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