Toyota to Invest $5.6 Billion in Securing EV Batteries From Japan & the US

Toyota Motor Corporation is to invest up to 730 billion yen (approximately $5.6 billion) in Japan and the US toward supplying automotive batteries for battery electric vehicles (BEVs). It aims to begin battery production between 2024 and 2026.

With this investment, Toyota intends to increase its combined battery production capacity in Japan and the US by up to 40 GWh.

This investment will enable Toyota to meet the needs of its customers in all countries and regions by offering multiple powertrains and providing as many options as possible.

Toyota also intends to further strengthen its competitiveness and invest in the training of personnel engaged in battery production and the passing down of monozukuri manufacturing skills.

In Japan, a total of approximately 400 billion yen will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. (PPES) and in Toyota plants and property.

In the US, approximately 325 billion yen (approximately 2.5 billion dollars) will be newly invested in Toyota Battery Manufacturing, North Carolina (TBMNC; owned 90% by Toyota Motor North America, Inc. and 10% by Toyota Tsusho Corporation) toward increasing automotive battery production.

Toyota intends to continue its efforts to build a supply system that can steadily meet the growing demand for BEVs in various regions, including the supply of automotive batteries from its partners.

In a press statement, the compay says: 'Toyota believes that there is more than one option for achieving carbon neutrality. It also believes that the means of reducing CO2 emissions as much as possible and as quickly as possible while protecting the livelihoods of its customers vary greatly depending on the country and region. With such in mind, Toyota will continue to make every effort to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible'.

Toyota is developing a full lineup of electrified vehicles comprising of HEVs, PHEVs, BEVs, and FCEVs.

It plans to prepare a variety of vehicle options that customers will want to drive and choose in the hopes of contributing to the reduction of CO2 emissions based on the policies and the spread of renewable energy in each region. T