Toyota to invest $3.4B in US for car batteries, create 1,750 jobs
Electric vehicles account for 25% of Toyota sales in US, expected to reach 70% by 2030
Japanese carmaker Toyota announced it is planning to invest 380 billion yen ($3.4 billion) in the US for automotive batteries through 2030 which will create 1,750 jobs.
The investment will include developing and localizing automotive battery production, including those for battery electric vehicles, the company said in a statement on Monday.
The move is part of Toyota's global plan to invest a total of $13.5 billion for battery development and production announced last month.
As for the US, Toyota said it will establish a new company and build an automotive battery plant in the country with the aim of starting production in 2025, which includes an investment of approximately $1.29 billion until 2031.
The new company will also further develop and expand Toyota's local supply chain and production know-how related to Lithium-ion automotive batteries, according to the statement.
"Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers," Toyota Motor North America CEO Ted Ogawa said in the statement.
So far, Toyota has sold more than 18.7 million electric vehicles worldwide, including over 4.5 million in the US.
While electric vehicles account for nearly 25% of Toyota’s sales volume in the US, the figure is expected to rise to nearly 70% by 2030, according to the statement.