Toyota Motor to invest US$5.3 billion for EV battery supply

Due to the tougher environmental regulation, automakers around the world are spending billions of dollars for the production of the battery for the electric vehicle. Recently, Japan’s Toyota Motor Corp has announced its plan to invest 730 billion yen (US$ 5.27 billion), to make automotive batteries for electric vehicles in Japan and the United States.

The production of the battery is likely to commence between 2024-2026. This is expected to increase battery production capacity in both countries by 40 gigawatt-hours. An investment of 400 billion yen has been approved for the Toyota plants and Prime Planet Energy & Solutions Co, a joint venture with Panasonic Holdings Corp, plant in the western Japanese city of Himeji.

“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 and providing as many options as possible,” the company stated.


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