Toyota to invest $ 5.6 billion on EV battery production in Japan and US
Toyota Motor Corporation has announced an investment of up to 730 billion yen (about $5.6 billion) in Japan and the United States toward supplying batteries for EVs, with aims to begin battery production between 2024 and 2026.
The company says that the investment is aimed at enabling the brand to flexibly meet the needs of its battery demands in different global markets. Toyota intends to increase its combined battery production capacity in the two countries by up to 40 GWh.
By utilizing the Toyota Production System and building production lines that are more efficient than ever, the brand 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.
Country wise, a total of approximately 400 billion yen will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co. (PPES) and in Toyota plants and property in Japan. While in the United States, about $ 2.5 billion will be newly invested in its battery making facility in North Carolina for enhanced production.
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 EV batteries from its partners.
At the same time, the brand believes that there is more than one option for achieving carbon neutrality. Hence, Toyota affirms to continue efforts to flexibly meet the needs of its customers in all countries and regions by offering multiple powertrains and providing as many options as possible.