Toyota to invest $5.3 billion in Japan, US for EV battery supply

Toyota to invest $5.3 billion in Japan, US for EV battery supply. mining ev

Toyota Motor Corp said on Wednesday it would invest up to 730 billion yen in Japan and the United States to make batteries for fully electric vehicles, a category of automobile that critics say it has been slow to embrace.

Toyota is the latest in a string of companies announcing big battery investments in the United States, where a shift towards fully electric automobiles could accelerate as the country discourages the use of gasoline and diesel vehicles and tightens eligibility for tax credits. In addition, about 325 billion yen would be invested in Toyota Battery Manufacturing in North Carolina.

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