Toyota has announced it will invest close to $3.4 billion dollars in automotive batteries in the U.S. through 2030. The investment will be for developing and localizing automotive battery production, including those for battery electric vehicles. As part of that initiative, Toyota Motor North America will establish a new company and build an automotive battery plant in the U.S aiming to begin production in 2025. The new plant is expected to create 1,750 new jobs in the U.S. 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.
“Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” said Ted Ogawa, chief executive officer, Toyota Motor North America, about the investment.