Toyota Motor Corp. plans to invest up to 730 billion yen ($5.26 billion) in Japan and the U.S. as it works toward supplying automotive batteries for electric vehicles.
The Japanese auto giant
wants to start battery production between 2024 and 2026.
“With this investment, Toyota intends to increase its combined battery production capacity in Japan and the United States by up to 40 GWh,” the company said in a statement on Wednesday.
Toyota said around Y400 billion will be invested in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. as well as in Toyota plants and property in Japan.
Over in the U.S., around Y325 billion will be invested in Toyota Battery Manufacturing in North Carolina to boost automotive battery production.
The Japanese car maker’s move comes as more Asian companies push into the booming EV-battery space. Toyota’s peer Honda Motor Co. on Monday announced plans to build a $4.4 billion EV-battery factory in the U.S. with South Korea’s LG Energy Solution Ltd
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