Toyota has announced that it will invest approximately $2030 billion in automotive batteries in the United States by 3.4.
With this investment, it is aimed to develop and localize automotive batteries, including battery electric vehicles. The new investment will be made as part of Toyota's $13.5 billion global battery development and production plan announced last month.
Toyota Motor announced that it will form a new company to support the localization of North American battery production and will establish an automotive battery plant in the US with Toyota Tsusho. The plant is scheduled to start production in 2025. With the battery factory, 1,750 new jobs will be created in America.
Toyota's investment in electrification, along with long-term sustainability goals for the environment, will enable consumers to buy more affordable electric vehicles. At the same time, it is aimed to further reduce carbon emissions by localizing production.
Part of the new company's activities will include helping Toyota further expand its local supply chain and manufacturing knowledge of lithium-ion automotive batteries. This venture will primarily focus on producing batteries for hybrid vehicles. It will also help Toyota's efforts to become carbon neutral and sustainability.