Toyota to invest $3.4 billion in US battery production as part of carbon-neutral plan
Toyota will invest $3.4 billion in automotive batteries in the US in 10 years and build a factory there for their production in its commitment to long-term sustainability for the environment, US jobs, and consumers.
The company said it would establish a new company for the US project but did not specify the production site and capacity.
The investment is part of Toyota’s $13.1 billion development and supply program for electric vehicles batteries.
In June, Toyota accelerated its carbon-neutral production plan from the previous target date of 2050 to 2035.
Toyota, a pioneer of hybrid vehicles and hydrogen-powered autos, is stepping up its development of battery-powered electric cars.