Toyota Invests 730 Billion Yen in Battery Production
Toyota Motor Corporation (Toyota) has plans to invest up to 730 billion yen (about $5.6 billion) in Japan and the United States on automobile batteries for battery electric vehicles (BEVs), which are in high demand, to start battery production between 2024 and 2026.
This initiative aims to enable Toyota to address the diverse needs of its customers in all nations and areas by offering multiple powertrains and as many options as possible.
Toyota wants to enhance its total battery production capacity in Japan and the United States by up to 40 GWh with this investment. Toyota intends to further increase its competitiveness by leveraging the Toyota Production System and developing more efficient production lines than ever before, as well as investing in the training of staff involved in battery production and the transfer of monozukuri manufacturing skills.
A total of approximately 400 billion yen will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. (PPES) and in Toyota plants and property in Japan, while approximately 325 billion yen (approximately 2.5 billion dollars) will be newly invested in Toyota Battery Manufacturing, North Carolina (TBMNC; owned 90% by Toyota Motor North America, Inc. and 10% by Toyota Tsusho Corporation) toward increasing automotive battery production in the United States.
Toyota plans to continue its efforts to develop a supply infrastructure capable of meeting the growing demand for BEVs across the globe, including the supply of automotive batteries from its partners.
Source: Toyota
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