Toyota Announces $3.4 Billion Investment into EV Battery Production in U.S.
As Toyota unveils more plans for zero-emission cars in years to come, including the Toyota bZ4X unveiled earlier this year, the company is looking towards how it will bolster the production of zero-emission car batteries over the next decade.
Toyota announced plans on Monday to invest $3.4 billion USD into localizing automotive battery production in the U.S. between now and 2030, according to a press release. The amount comes as part of Toyota’s shared plans from last month, which held that the company would be pouring $9 billion USD into electric vehicle (EV) battery factories.
Toyota Subsidiary to Buy Lyft’s Self-Driving Car Unit for $550 Million https://t.co/mMKZHCtoik
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CEO of Toyota Motor North America Ted Ogawa said, “Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers.” Ogawa continued, “This investment will help usher in more affordable electrified vehicles for U.S. consumers, significantly reduce carbon emissions, and importantly, create even more American jobs tied to the future of mobility.”
In addition, Toyota announced plans to establish a new company and battery plant together with Toyota Tsusho in the U.S., starting in 2025.
Toyota says its electrified vehicles plan includes both hybrids and electric vehicles, expected to make up 70% of its sales in the United States by 2030, up from 25% today.
In July, a report detailed Toyota quietly lobbying against EVs to the U.S. government, with a spokesperson saying there was “too little attention” being offered to what happens between the mainstream adoption of EVs and right now.