Toyota to invest $3.4b in automotive batteries

Toyota Motor Corp will invest about $3.4 billion or 380 billion yen in automotive batteries in the United States through 2030.

The investment will bring new American plant, production, jobs with focus on carbon neutrality, the Japanese auto giant said in a statement on Monday.

Toyota Motor North America also announced that it will establish a new company and build an automotive battery plant together with Toyota Tsusho in the US.

The company aims to start production in 2025, the project includes an investment of about $1.29 billion until 2031, which includes funds that will be used to develop land and build facilities, resulting in the creation of 1,750 new jobs.

Toyota said it continues to steadily expand its lineup of electrified vehicles, including hybrid (HEV), plug-in hybrid (PHEV), fuel cell (FCEV) and battery electric vehicles (BEV), from 55 models today to about 70 models by 2025.

Of the 70 models, 15 will be BEVs, including seven Toyota bZ (Beyond Zero) models.

By 2030, Toyota expects to sell 2 million zero emission vehicles (BEVs and FCEVs) globally, and in the US, the company expects to sell between 1.5 million to 1.8 million electrified vehicles, including ZEV models.

Source: GNA