Toyota Motor has decided to invest up to 730 billion yen (approximately $5.6 billion) in Japan and the United States for supplying batteries for electric vehicles.
Toyota aims to begin battery production between 2024 and 2026. This investment is aimed at enabling Toyota to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains.
Toyota intends to increase its combined battery production capacity in Japan and the United States by up to 40 GWh. Toyota also intends to further strengthen its competitiveness and invest in the training of personnel engaged in battery production and the passing down of monozukuri manufacturing skills.
Toyota will invest approximately 400 billion yen in the Himeji Plant of Prime Planet Energy & Solutions and in Toyota plants and property in Japan.
Toyota will also invest approximately 325 billion yen (approximately 2.5 billion dollars) will in Toyota Battery Manufacturing, North Carolina, for increasing automotive battery production.