Toyota Motor will invest $5.6 billion in the production of batteries for electric vehicles
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Toyota Motor Company intends to invest ¥730 billion (about $5.6 billion) for EV batteries in Japan and the US. Battery production is planned to start after 2024.
Of the total, about $3 billion will be used to expand production at one of the company’s plants in Japan, while the remainder will be invested in an existing Toyota plant in North Carolina. As expected in the Japanese company, the investment will allow it to “flexibly meet the needs of consumers in all countries and regions, offering the maximum possible number of options.”
Earlier this week, similar investments to expand battery production in the face of a massive transition to electric vehicles already announced Honda Motor in partnership with LG Energy Solution. As part of the joint venture, these companies will invest $4.4 billion to build a plant in the United States to produce batteries for electric vehicles.
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