Toyota to invest $5.6 billion in Japan/U.S. battery production
Christian Fernsby ▼ | August 31, 2022
Toyota Motor Corporation has decided to invest up to 730 billion yen (approximately $5.6 billion) in Japan and the United States toward supplying automotive batteries for battery electric vehicles (BEVs), for which demand is growing, and aims to begin battery production between 2024 and 2026.Article continues below
This investment is aimed at enabling Toyota to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains 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 utilizing the Toyota Production System and building production lines that are more efficient than ever, Toyota also intends to further strengthen its competitiveness and invest in the training of personnel engaged in battery production and the passing down of monozukuri manufacturing skills.
In Japan, 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, while in the United States, 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.
Toyota intends to continue its efforts to build a supply system that can steadily meet the growing demand for BEVs in various regions, including the supply of automotive batteries from its partners. ■ What to read next
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