Toyota to invest up to 730 billion yen in Japan/US battery production

Toyota to invest up to 730 billion yen in Japan/US battery production
TOKYO, Aug. 31, 2022 – (JCN Newswire) – Toyota Motor Corporation (Toyota) has decided to invest up to $730 billion in Japanese and U.S. yen (about $5.6 billion) in electric vehicles for growing demand Automotive (BEV) supplies car batteries and plans to start battery production between 2024 and 2026. The investment is designed to give Toyota the flexibility to meet the needs of its diverse customers in all countries by offering a wide range of powertrains and offering as many options as possible. With this investment, Toyota plans to increase its total battery capacity in Japan and the U.S. by as much as 40 GWh. By leveraging the Toyota Production System and building production lines that are more efficient than ever, Toyota also intends to further enhance its competitiveness and invest in the training of battery production personnel and the inheritance of manufacturing know-how. In Japan, approximately 400 billion yen will be newly invested in Prime Planet Energy & Solutions Co., Ltd. (PPES)’s Himeji Plant and Toyota Plant and Properties, while in the United States, approximately 325 billion yen will be invested (approximately $2.5 billion) will make a new investment in North Carolina-based Toyota Battery Manufacturing Corporation (TBMNC; 90% owned by Toyota Motor North America and 10% owned by Toyota Tsusho) to increase production of automotive batteries. Toyota intends to continue its efforts to establish a supply system that can stably meet the growing demand for BEVs in various regions, including the supply of its partners’ car batteries. Toyota sees more than one option for achieving carbon neutrality. It also believes that ways to reduce carbon dioxide emissions as quickly as possible while protecting client livelihoods vary by country and region. With this in mind, Toyota will continue to make every effort to be flexible to meet the needs of its various customers in all countries and regions by offering a wide range of powertrains and as many options as possible. Copyright © 2022 JCN Newswire. all rights reserved. A division of the Nippon Enterprise News Network.