INDUSTRY RECHARGE: Toyota investing $5.65 in US, Japan EV battery production
Toyota is making an investment in Japan and the U.S. to boost production of electric vehicle batteries.is putting $5.6 billion into the project with production set to start between 2024 and 2026.
In Japan, $3 billion will go into Toyota plants and property. In the U.S., about $2.5 billion will be invested in Toyota Battery Manufacturing in North Carolina. The global demand for electric vehicles is expected to grow in coming years as gas prices rise and concerns grow about the environment.Toyota has scored success with the Prius and other hybrid models, which have an engine as well as a battery-driven electric motor.
"This investment is aimed at enabling Toyota 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," it said in a statement.Earlier this week, Japanese rival Honda Motor Co., along with major South Korean battery maker LG, announced they were investing $4.4 billion in a joint venture in the United States.
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