Japanese carmaker reveals plans to improve battery-making facilities in order to provide more powertrain options.
Toyota has announced it will invest up to ¥730 billion (NZ$8.6b) in Japan and the United States to make batteries for fully electric vehicles.
The additional facilities are set to start operating between 2024 and 2026 and will increase Toyota’s battery production capacity in the two countries by 40 gigawatt-hours, the company says.
“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 adds.
Toyota is the latest carmaker to invest in expanding battery production in the US. Honda and Korean battery supplier LG Energy Solution recently announced plans to build a lithium-ion battery plant for electric vehicles there.
Toyota says about ¥400b of investment will be spent on plants in Japan with the remainder funding developments at Toyota Battery Manufacturing in North Carolina, reports Reuters.