Toyota Motor Corporation (Toyota) has decided to invest up to 730 billion yen (about $5.6 billion) in Japan and the United States to supply automotive batteries for battery electric vehicles (BEVs) to meet growing demand.
The goal is to start battery production between 2024 and 2026.
The decision to make this investment was made with a view to enabling Toyota to respond flexibly to the needs of its various customers in all countries and regions in its network by offering multiple engines and providing as many options as possible.
With this investment, Toyota intends to increase its combined battery production capacity in Japan and the United States by up to 40 GWh. By using the Toyota Production System and structuring more efficient production lines, Toyota also seeks to further enhance its competitiveness and invest in training personnel involved in battery production and transferring monozukuri manufacturing skills.
In Japan, a total of approximately 400 billion yen will be invested in Prime Planet Energy & Solutions Co.'s Himeji plant, Ltd. (PPES) and in Toyota's plants and properties, while in the United States, approximately 325 billion yen (about $2.5 billion) will be invested in Toyota Battery Manufacturing, North Carolina (TBMNC; 90% owned by Toyota Motor North America, Inc. and 10% by Toyota Tsusho Corporation) to increase production of automotive batteries.
Toyota is focused on continuing its efforts to build a supply system that can consistently meet the growing demand for BEVs in various regions, including sourcing car batteries from its partners.
Toyota believes there is more than one option to achieve carbon neutrality. It still advocates that ways to reduce CO2 emissions must be strengthened as much as possible and as quickly as possible to shield the well-being of people worldwide. In any case, these ways and means vary greatly by country and region, which is why Toyota will continue to make every effort to flexibly meet the needs of its various customers in all countries and regions by offering multiple engines and providing as many options as possible.
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