Forklift for industrial field is mostly used in closed area like warehouses or factories. Therefore, the emission issue of forklift is more serious than that of usual vehicles outdoors. And forklift is required the compact size and high power driven system for the efficient work in a limited area. In EVS20 at Long Beach, we presented a paper about the power capacitors for battery forklift for the first time. This time, we will present our latest development for new model Battery Forklift which is far superior to the conventional type. AC motor driven system newly developed by TOYOTA INDUSTRIES CORP. provides higher performance and smaller size than the conventional system by installing higher quality and smaller AC controller and AC motor driver. NIPPON CHEMI-CON CORP. developed Power Capacitors in the inverter circuit. The total volume of new capacitors reached nearly half (↑47%) compared with the conventional type by reducing the internal resistance and adopting optimized cooling structure. In this paper, we will describe the upgrade of TOYOTA 48V Battery Forklift, AC motor driven system and the development of Power Capacitors for the inverter use.