Toyota Motor has announced that it
will invest about $3.4 billion to develop batteries for electric vehicles and
EV production in United States till the end of the decade.
The investment is part of Toyota's
global EV push at an overall $13.5 billion globally. Toyota, the world's
largest carmaker by volume, has already sold around 18.7 million electric
vehicles, including more than 4.5 million EVs in the US, so far.
The new plant, for which the location
has not been finalised, aims to start production in 2025. Toyota said it will
disclose production capacity later as well as the plant site. It is also
expected to create more than 1,750 new jobs.
Toyota said its new company in the US
will initially focus on producing batteries for hybrid vehicles. The carmaker
said this will help it to further develop and expand its local supply chain and
production knowledge of Lithium-ion automotive batteries used in electric cars.
Toyota aims to sell around two million zero
emission vehicles around the world by the end of the decade. The Japanese
carmaker expects to sell up to 1.8 million electric cars in US during the same
period. Toyota's move to invest in EVs in the US comes months after President
Joe Biden signed an executive order in August. It aims to see at least half of
all new vehicles sold in 2030 to be zero-emissions cars.
Source: HT Auto