Toyota has decided to invest up to 730 billion yen (approximately $5.6 billion) in battery production for battery electric vehicles in Japan, and the US, which should start between 2024 and 2026.
With these investments, Toyota aims to increase its battery production capacity by up to 40 GWh in total. Toyota and Lexus plan to launch 30 BEV models worldwide in the passenger car and commercial vehicle segments by 2030.
The Japanese automaker will invest a total of about 400 billion yen in Japan in the plant of Prime Planet Energy & Solutions, the battery joint venture of Toyota and Panasonic, in Himeji, as well as in other Toyota plants and properties. 325 billion yen (about $2.5 billion) is also being poured into the US battery plant in North Carolina announced last year to boost production. Previously, an investment of $1.29 billion had been planned for this plant.