Toyota to invest up to $5.3 bil. for EV battery production

Toyota Motor says it will invest up to 730 billion yen, or about 5.3 billion dollars, to boost production of batteries in Japan and the United States for its electric vehicles.

More than half of the money will go to a factory in western Japan run by Toyota’s joint venture with electronics giant Panasonic and its own domestic plants. The rest of the investment is earmarked for a facility under construction in North Carolina.

Toyota aims to phase-in production from 2024. The company says that would give it six times greater battery production capacity than in May last year.

The automaker aims to sell 3.5 million EVs a year by 2030. It says it will work to build a supply system to meet growing demand in various regions.

Toyota rival Honda Motor earlier this week said it will spend 4.4 billion dollars to build an EV battery plant in the US together with a South Korean battery maker.

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