Toyota to invest $3.4 billion in US battery production
Toyota says that it will invest approximately USD 3.4 billion (JPY 380 billion) in automotive batteries in the United States through 2030.
To drive local battery production forward, Toyota Motor North America says that it will establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S. Aiming to start production in 2025, the project includes an investment of approximately USD 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 American jobs, a press release reads. "Toyota's commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers," says Ted Ogawa, Chief Executive Officer, Toyota Motor North America. "This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility." Part of the new company's activities will include helping Toyota to further develop and expand its local supply chain and production knowledge related to Lithium-ion automotive batteries. The venture will first focus on producing batteries for hybrid electric vehicles.