-2.1 C
New York City
Monday, October 18, 2021
Home Around-the-World Toyota to Invest $3.4 Billion in Auto Battery Production

Toyota to Invest $3.4 Billion in Auto Battery Production

ANNIE ALLEN (EU Correspondent)

Toyota has concluded plans to invest approximately $3.4 billion in automotive battery manufacturing in the United States through 2030.

Making the announcement in a media statement released today (Monday), the world’s largest automaker by volume specified that the investment is for developing and localizing automotive battery production, including those for battery electric vehicles.

It states: “And is part of the global total of approx. $13.5 billion (1.5 trillion yen) set aside for investment in battery development and production announced last month by Toyota Motor Corporation.”

To drive battery production localization, the automaker also announced that it will establish a new company and build an automotive battery plant together with Toyota Tsusho in the U.S.

Aiming to start production in 2025, the project includes an investment of approximately $1.29 billion until 2031, which includes funds that will be used to develop land and build facilities, resulting in the creation of 1,750 new American jobs.

“Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” said Ted Ogawa, Chief Executive Officer, Toyota Motor North America. “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.”

Part of the new company’s activities will include helping Toyota to further develop and expand its local supply chain and production knowledge related to Lithium-ion automotive batteries.

The venture will first focus on producing batteries for hybrid electric vehicles. Additionally, the move is expected to help further the company’s goals to create a net positive impact on the planet and society, including advancing its efforts towards carbon neutrality in a sustainable and practical way.

“Further details of the project, including details on a site, production capacity, business structure, etc. will be shared at a future time,” it added.

©Copyright MOTORING WORLD INTERNATIONAL.
All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International

Contacteditor@motoringworldng.com

Leave a Reply

Most Popular

Carmakers Shift Up a Gear in Race to Go Electric

With electric car sales soaring and regulations increasingly favouring zero-emission vehicles, a flurry of announcements today (Monday) showed how the global auto industry has...

Weekly Review: NNPC Mulls Rebuilding Roads under Tax Credit Scheme

The Nigerian National Petroleum Corporation (NNPC) started its week with an engagement with critical stakeholders in a bid to find lasting solutions to the...

Ember months: FRSC Takes Campaign to Motor Park

The Federal Road Safety Corps (FRSC) RS7.22 Suleja Unit Command in Niger has begun ember months campaign to curb fatality during the period. A statement...

Hyundai Clinches Victory at FIA World Rally Championship

Hyundai Motorsport has taken its third victory of the 2021 FIA World Rally Championship (WRC) with a superb double podium finish in Rally de...
error: Content is protected !!
%d bloggers like this: