Toyota touts new storage battery system in challenge to Tesla Powerwall
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Toyota Motor Corporation (NYSE:TM
-0.2%) unveiled a new battery system for residential use on Thursday.

The battery technology, based upon âmany years of electrified vehicle development as well as on-board parts and unitsâ, is aimed at providing electricity to homes. Pre-orders for the system are open from Thursday, while sales in Japan will begin in August via homebuilders and construction companies in the country.

âBy linking with a photovoltaic system, it can supply the appropriate amount of electricity based on customer needs throughout the day and night. Toyota believes that using this system will encourage the use of solar power which is a renewable energy,â the company statement reads. âUnique to Toyota, the system supports supplying power from electrified vehicles (HEV, PHEV, BEV, FCEV) at 100V AC, and can use electricity stored in electrified vehicles as a backup power source during power outages, allowing users to live with peace of mind.â

The Japanese automaker has increasingly focused on EV and battery technology as of late, unveiling its first mass-produced battery electric car, the bZ4X in April 2021.

At present, Tesla (TSLA), LG Corporation, and Enphase Energy (ENPH) dominate the market for home energy storage. Per Tycorun energy, those three companies court an 85% market share in home energy storage with Tesla (TSLA
+2.0%) holding the lionâs share. In its home market, Toyota (TM
-0.2%) will also compete with Panasonic (OTCPK:PCRFY
+0.0%) which is counted as the fourth largest provider of home energy storage and the largest Japanese manufacturer of EV batteries.
Read more Panasonicâs growing ambitions in EV battery production and partnerships beyond Tesla.