TOKYO, Aug 31 ― Toyota Motor Corp will invest up to ¥730 billion (RM23.6 billion) in Japan and the United States towards supplying automotive batteries for battery electric vehicles, the Japanese automaker said today.
The firm aims to begin battery production between 2024 and 2026 with an investment intended to augment battery production capacity in both the countries by up to 40 GWh.
It will invest about ¥400 billion on Toyota plants and Prime Planet Energy & Solutions Co, a joint venture with Panasonic Holdings Corp, plant in the western Japanese city of Himeji.
In addition, about US$2.5 billion will be invested in Toyota Battery Manufacturing in North Carolina.
Automakers worldwide are spending billions of dollars to ramp up battery and electric vehicle production in the face of tougher environmental regulations. ― Reuters
