Toyota invests billions in battery production

By 2030, the company plans to release 30 electric models


An editor at eMobilCar

  • 2 min read

Toyota has decided to invest up to 730 billion yen (about $5.6 billion) in the production of batteries for battery electric vehicles in Japan and the US, which should start between 2024 and 2026.

With this investment, Toyota intends to increase its battery production capacity to 40 GWh. The move is also needed because Toyota and Lexus want to have 30 BEV models in the passenger and commercial vehicle segments around the world by 2030.

In particular, Toyota will invest a total of about 400 billion yen in Prime Planet Energy & Solutions' Himeji plant, a joint venture for Toyota and Panasonic batteries, and other Toyota plants and facilities in Japan. 325 billion yen (about $2.5 billion) will also go to a US battery plant in North Carolina announced last year to increase production. At the moment, investments in the amount of 1.29 billion US dollars are planned for this plant.

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