toyota motor to invest $5.3 bln in japan, u.s. for ev battery supply

Toyota Motor Corp said on Wednesday it would invest up to 730 billion yen (US$5.27 billion) in Japan and the United States to make batteries for fully electric vehicles, a category of automobile that critics say it has been slow to embrace.

When the additional facilities come on line between 2024 and 2026, Toyota’s battery production capacity in the two countries will have increased by 40 gigawatt-hours, the company said, giving no current figure for comparison.

“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 said in a statement.

Some green investors and environmental groups have said the company should move faster to introduce fully electric (or “battery electric”) vehicles, rather than clinging to the internal combustion engine in such powertrain configurations as the hybrid.

Toyota is the latest in string of companies announcing big battery investment in the United States, where a shift towards fully electric automobiles could accelerate as the country discourages use of gasoline and diesel vehicles and tightens eligibility for tax credits.

Major rival Honda Motor Co said on Monday it and Korean battery supplier LG Energy Solution Ltd would build a $4.4 billion lithium-ion battery plant for electric vehicles in the United States.

In its Wednesday statement, Toyota said it would invest about 400 billion yen in Japan. That money would go into two of its own plants, one owned by its joint venture with Panasonic Holdings Corp — Prime Planet Energy & Solutions Co — and a third that is being built for another joint company with Panasonic.

In addition, about 325 billion yen would be invested in Toyota Battery Manufacturing in North Carolina.

Automakers worldwide are spending billions of dollars to ramp up battery and electric vehicle production in the face of tougher environmental regulations.

President Joe Biden signed a $430 billion climate, health care and tax bill this month that would render electric vehicles assembled outside North America ineligible for tax credits.

California announced a plan last week to ban sales of new cars powered only by internal combustion engines by 2035.

Toyota last year committed 8 trillion yen to electrify its car model range by 2030, with half of that slated to develop fully electric vehicles. Still, it expects annual sales of such cars to reach only 3.5 million units by the end of the decade, around a third of its current total volume.

In June, Toyota said it had recalled more than 2,000 of its first mass-produced electric vehicle, the bZ4X SUV, less than two months after unveiling the model, because of a risk the wheel could come loose.

MOTOR'S NEWS RELATED

Join Road & Track and Car and Driver on Our Annual Car of the Year Tests

Check out today's coolest new cars alongside editors at Performance Car of the Year, Lightning Lap, and 10Best Awards.

View more: Join Road & Track and Car and Driver on Our Annual Car of the Year Tests

Satisfying Subaru SUVs That People Love Driving and Owning

Satisfying Subaru SUVs that people love driving include the 2022 Crosstrek The 2022 Forester is another Satisfying Subaru SUV that people love Don’t overlook the 2022 Outback for a stress-free driving experience Subaru makes a reliable and safe sport utility vehicle, but that’s not all. These Satisfying Subaru SUVs ...

View more: Satisfying Subaru SUVs That People Love Driving and Owning

Holiday Rambler Eclipse RV Debuts With Theater Seats, Drop-Down Loft

It’s available with three different floor plans.

View more: Holiday Rambler Eclipse RV Debuts With Theater Seats, Drop-Down Loft

Genesis prices 2023 G80 electric car at $81,000, expands EVs to more states

Genesis on Thursday expanded the breadth and availability of its electric car lineup on its path to becoming a fully electric automaker by 2030. The luxury brand’s newest car, the 2023 Electrified Genesis G80, will cost $80,920 (including a $1,095 destination fee) when it goes on sale in September. The ...

View more: Genesis prices 2023 G80 electric car at $81,000, expands EVs to more states

This C5 Corvette Turned Off-Roader Could be Yours For Small Bucks

Photo: Caleb Hodshire/Facebook Fans of the Chevrolet Corvette and off-road vehicles now have a golden opportunity to combine their two passions for a small amount of money. A tuning enthusiast in Illinois, who specializes in Corvette conversions, is selling on Marketplace a fifth-generation (C5) 1999 Corvette built to venture ...

View more: This C5 Corvette Turned Off-Roader Could be Yours For Small Bucks

Audi heads to F1, 2025 Cadillac Celestiq, 2023 Electrified Genesis G80: Today's Car News

Audi confirmed it will enter F1 for the 2026 season. The automaker will team with a thus far unknown chassis partner to provide power units that will be built in Germany and run on synthetic fuel. Alfa Rome announced it will split with Sauber, and all points sign to Audi ...

View more: Audi heads to F1, 2025 Cadillac Celestiq, 2023 Electrified Genesis G80: Today's Car News

Genesis expands GV60, an electric SUV, availability to four more US states

Where is the Genesis GV60 available to buy Electrek’s Take Now might be your chance if you’ve been waiting to buy the Genesis GV60 EV SUV. The Korean luxury automaker announced Tuesday that its flagship electric SUV, the GV60, will be available in four more US states starting in ...

View more: Genesis expands GV60, an electric SUV, availability to four more US states

Our Long-Term 2022 Cadillac CT5-V Blackwing Is off to an Unforgettable Start

With our 668-hp, six-speed-manual sports sedan, the highs are high, and the lows are low.

View more: Our Long-Term 2022 Cadillac CT5-V Blackwing Is off to an Unforgettable Start

Dodge goes electric in style | Autoblog Podcast #744

Tested: Best Car Vacuums for 2022

China: Power to the people or to the carmakers?

Tesla premium connectivity through Starlink V2 confirmed

2022 Ford F-150 Lightning strapped to dyno despite challenges

1983 DeLorean DMC-12 with 5,397 miles for sale

Numbers of Koenigsegg CC850s increase to 70 due to high demand

Tech Deep Dive: What Makes the New Porsche GT3 RS the Most Extreme 911 Ever

4 Terrible 2022 Subcompact SUVs That Consumer Reports Predicts Owners Will Hate

Xiaomi in talks with BAIC to produce electric cars, says Bloomberg

Audi Has Decided to Enter Formula 1 in 2026 After Much Speculation

North Dakota Swing Ahead For WoO: What To Watch For

OTHER MOTO NEWS