On July 5, it was reported that Toyota announced that it had made a major breakthrough in Solid-state battery technology, which could reduce the weight, volume and cost of batteries by half, which may bring great impetus to the progress of electric vehicles. Keiji Kaida, president of the carbon neutral research and development center of Toyota, said that Toyota was committed to changing the situation of too large, too heavy and too expensive batteries in both liquid and Solid-state battery, and striving to halve these aspects. According to ITBEAR Technology News, Toyota has developed a method to improve battery durability, and believes that they can now produce Solid-state battery with a range of 1200 kilometers and a charging time of only 10 minutes or less. At the same time, Toyota also updated the boarding time node of all Solid-state battery, and announced that it plans to apply all Solid-state battery to their electric vehicles between 2027 and 2028. Although Toyota is currently in the backward camp in the electric vehicle market, in the field of all Solid-state battery, as a Japanese enterprise, Toyota has the most investment and owns the most Solid-state battery technology patents. David Bailey, a professor of Business economics at the University of Birmingham, believes that if Toyota's statement is true, it may be a milestone for future electric vehicles: usually there will be some breakthroughs in the prototype stage, but it will be difficult to expand the production scale. If this is a real breakthrough, then it could be a disruptive change, and even the holy grail of the electric vehicle industry.

01 | Solid-state battery is regarded as the "ultimate technology" of lithium battery. The core technology of the battery lies in the formula. The formula determines the energy density, cycle life, safety performance, etc. of the battery. The change of the battery formula is the beginning of the battery technology innovation, and also the most difficult hurdle. In 2021, Toyota also publicly responded that it was still trying to solve the problem of short life of Solid-state battery. In addition to the battery formula, the difficulties in the manufacturing process have raised the threshold for mass production of all Solid-state battery again. The production process of sulfide systems can generally adopt three methods: coating method, dry adhesive method, and electrostatic powder spraying method. Toyota used the least common electrostatic powder spraying method in the industry in its early stages, and the maturity of its production process still needs to be discussed. Therefore, even if the problem of battery formula is solved, the yield and consistency of battery production are not easily controlled, and Tesla's 4680 battery is a lesson from the past. In addition, cost reduction is even more frustrating. Mass production of Solid-state battery requires supporting thousand ton material production line and GWH capacity, so that the cost can be amortized through manufacturing scale.

02 | It still takes 5-10 years for all Solid-state battery to be commercialized. Compared with liquid batteries, Solid-state battery have many performance advantages, such as higher energy density, higher safety, longer cycle life, and better low-temperature performance. The global research and development of Solid-state battery technology is mainly concentrated in Europe, the United States, Japan, South Korea, and China, of which Japan and South Korea are committed to sulfide routes, led by traditional vehicle enterprises and battery factories; The Technology roadmap of the United States is diversified, with many start-ups, typical of SolidPower; In recent years, Europe has shifted to investment as the main focus, with traditional car companies such as Volkswagen and BMW as representatives to invest and invest in technological cooperation and innovation enterprises globally; In China, the oxide route is dominant, with main participants including traditional battery companies such as Ningde and Guoxuan, as well as start-up enterprises represented by academic leaders entering the industry, such as Weilan New Energy and Jiangsu Qingtao. Semi solid state technology takes the lead. In 2023, small batch loading will be launched. It will still take 5-10 years for all Solid-state battery to be commercialized. As early as April this year, at the second World Power Battery Conference Cloud Yibin High end Forum, academicians of the CAS Member Ouyang Minggao, a professor of Tsinghua University, mentioned an important trend of new energy vehicles: "Now there are countless people in the world who have invested in this innovation movement. With the emergence of CHATGPT technology, the exploration efficiency of new materials has been greatly improved, the development cycle can be shortened, and through global efforts, all Solid-state battery can achieve success." Ouyang Minggao pointed out that, All Solid-state battery technology is still facing many challenges, but it is still a goal worth pursuing. This goal is not short-term. It can be regarded as a goal facing 2030 and worthy of innovation. We should attach great importance to this Technology roadmap.

03 Jingtai Investment Proposal | Focusing on three main lines Solid-state battery is an important part of future competition. The core of electric vehicles: The cost lies in the battery. From the perspective of the future direction of electric vehicles, the bottleneck of battery technology is the core link that limits the breakthrough of the entire electric vehicle. At present, many domestic enterprises have achieved mass production of semi Solid-state battery. The models equipped with semi-solid state batteries include Dongfeng E70, Landu Zhuifeng, and the pure electric SUV Celes SERES-5 equipped with Ganfeng lithium battery ternary solid-liquid hybrid lithium ion batteries. Previously, many Alternative fuel vehicle enterprises, such as Weilai, Celis, Chang'an Dark Blue and Landu, disclosed the progress of semi Solid-state battery loading. In terms of Solid-state battery industry chain: the first main line is to be optimistic about semi Solid-state battery technology leading manufacturers, recommend CATL, BYD, Yiwei Lithium Energy, and focus on Ganfeng Lithium, Funeng Technology, Guoxuan High tech, etc. The second main line focuses on ultra-high nickel positive electrode manufacturers, recommends Rongbai Technology and Dangsheng Technology, and pays attention to Xiamen Tungsten New Energy. The third main line focuses on leading silicon-based negative electrode manufacturers, recommends Betray, and follows Xiangfenghua; The fourth main line tracks solid electrolyte manufacturers, focusing on the precursors of Dongfang Zirconium Industry, Sanxiang New Material, Yunnan Germanium Industry, Chihong Zinc and Germanium, and electrolytes of Aoke, Shanghai Xiba, Jinlongyu, Ruitai New Material.