South Korea Remains MSCI Emerging Market Despite Reform Progress 
New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
US Dollar Climbs to One-Year High as Fed Rate Hike Expectations Surge 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
DOJ Opens Investigation Into NYC Coffee Shop Over Anti-Goldman Social Media Post 
Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
Meta Pauses Employee Activity Tracking Program Over Data Security Concerns 
Asian Stocks Slip as Oil Rebounds Amid Fed Rate Hike Fears 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Kioxia Targets U.S. Listing as AI Chip Boom Accelerates 
Baseten Secures $1.5 Billion Funding at $13 Billion Valuation Amid AI Infrastructure Boom 
Oil Prices Slip as Iran Sanctions Relief and Hormuz Shipping Recovery Ease Supply Concerns 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Toyota Motor Corp's North American division is investing around $3.4 billion in the production of batteries in the United States. This plan was announced on Monday, Oct. 18.
To be more exact, the investment is for Toyota's automotive battery development project as well as production in the U.S. through 2030. According to Reuters, the carmaker further shared that it also has plans to set up a new company and construct a new battery plant in partnership with Toyota Tsusho, the company's metals trading arm.
It was reported that $1.29 billion would be spent on the new factory. The goal is to begin production in the facility by 2025 and this is expected to create at least 1,750 new jobs in the U.S.
The funding for this is said to be part of the initial $13.5 billion that Toyota already announced last month. The amount is to be spent globally by 2030 for the battery development and its battery supply system.
Toyota's main goal for its battery project is to cut the cost of its batteries by 30% or more. The company is planning to work on the materials and the method in which the cells are structured to be able to lower the price.
"Toyota's commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers," Toyota Motor North America's chief executive officer, Ted Ogawa, said in a press release. "This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility."
At any rate, carmakers around the world are working to shift to electric vehicles. Most major brands are already investing billions for their EV push as the environmental regulations are also being tightened.
Apparently, Toyota is also in the list of brands that are making big changes in their production to comply with the new policies for less carbon emissions. Toyota was said to have been getting criticism from environmental groups since it has not shifted to battery-powered vehicles so this new investment and building of plants for vehicle batteries is just an indication that the company also cares and is ready for the change for a greener Earth.
