Toyota Motor Corp. said on Wednesday it would invest up to 730 billion yen ($5.27 billion) in Japan and the United States to make batteries for fully electric vehicles.
When the additional facilities come on line between 2024 and 2026, Toyota’s battery production capacity in the two countries will have increased by 40 gigawatt-hours, the company said, giving no current figure for comparison.
“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,” it said in a statement.
Toyota is the latest in string of companies announcing big battery investment in the United States, where a shift towards fully electric automobiles could accelerate as the the Biden administration discourages use of gasoline and diesel vehicles and tightens eligibility for tax credits….