Toyota Motor Corporation has announced to invest up to $5.6 billion in Japan and the United States to produce EV batteries.
The company has taken this decision after seeing the rapid growth in EV demand.
Toyota will set up battery manufacturing plants in Japan and the US and increase its combined battery production capacity by up to 40 GWh.
The company will start production between 2024 and 2026. Toyota will also invest in the training of personnel engaged in battery production.
Toyota will invest almost $3 billion in Japan in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. (PPES) and in Toyota plants and property.
In the United States, Toyota will invest $2.5 billion in the Toyota Battery Manufacturing plant in North Carolina.
Toyota intends to continue its efforts to build a supply system that can steadily meet the growing demand for BEVs in various regions, including the supply of automotive batteries from its partners.
Toyota believes that there is more than one option for achieving carbon neutrality.
It also believes that the means of reducing CO2 emissions as much as possible and as quickly as possible while protecting the livelihoods of its customers vary greatly depending on the country and region.
With such in mind, Toyota will continue to make every effort to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible.