Production is set to start between 2024 and 2026. In Japan, $3 billion will go into the Himeji Plant of Prime Planet Energy & Solutions Co. in Japan, as well...
Toyota's major investment in EV battery production comes as global demand for electric vehicles is expected to grow in coming years, with rising gas prices and growing concerns about the environment.TOKYO — Toyota is investing $5.6 billion in the U.S. and Japan to boost production of batteries for electric vehicles, the Japanese automaker said Wednesday.
Production is set to start between 2024 and 2026. In Japan, $3 billion will go into the Himeji Plant of Prime Planet Energy & Solutions Co., as well as in Toyota plants and property. In the U.S., about $2.5 billion will be invested inToyota has scored success with the Prius and other hybrid models, which have an engine as well as a battery-driven electric motor, and so the company has at times been seen as a laggard on electric vehicles.
Earlier this week, Japanese rival Honda Motor Co. announced with major South Korean battery maker LG that they were investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, with mass production of advanced lithium-ion battery cells to start by the end of 2025.
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