NEW YORK --- In an interview with BusinessWeek on Feb. 16, Toyota CEO Katsuaki Watanabe confirmed plans to use lithium-ion batteries in the automaker's third-generation hybrid cars, due out in late 2008 or early 2009. "We will change the battery from nickel hydride to the lithium battery," Watanabe told BusinessWeek. "We can develop the battery in time." Watanabe added that Toyota was now aiming to reduce, by half, "both size and cost of the third-generation hybrid system."

Originally posted on Fleet Financials