Toyota Motor (NYSE: TM), a leading electric vehicle producer, has joined forces with Cirba Solutions to boost battery recycling efforts, particularly focusing on end-of-life electrified vehicle batteries. This collaboration targets a 95 percent recovery rate for critical battery minerals.

Toyota currently collects approximately 25,000 used automotive batteries from its dealership network each year, and expects the number of batteries to rise as electric vehicle sales continue to increase.

Anticipating a surge in end-of-life batteries, Toyota aims for a 70 percent reduction in transportation costs by teaming up with Cirba Solutions. This strategic alliance concentrates efforts on the Midwest and East Coast, potentially slashing mileage by up to 94 percent in key areas. This move aligns with Toyota's commitment to minimizing transportation-related emissions and managing the projected doubling of end-of-life batteries by 2030.

Christopher Yang, Vice President of Business Development at Toyota Motor stated: ""This moves us closer to our ultimate goal of creating a sustainable, closed-loop ecosystem for our automotive batteries."

As a global leader in electrified vehicles for over 25 years, Toyota has sold over 2 million electric vehicles in North America.

Shares of Toyota Motor trade on the NYSE under the ticker symbol TM.