Toyota is investing heavily in batteries
Toyota puts a lot of money on the table: 730 billion yen (about $5.6 billion). 400 billion yen will be invested in the Prime Planet Energy & Solutions Co (PPES) plant in Himeji, Japan. The remaining approximately $2.5 billion will be invested in Toyota’s battery manufacturing plant in North Carolina, USA. This investment will be used to increase battery production capacity, split between Japan and the United States, by 40 GWh by 2024-2026.
This includes setting up new efficient production lines and training workers. In addition, Toyota wants to meet the new needs “by offering as many engines and as many options as possible”. To this end, the manufacturer must create an environment to meet the demand and supply the world with electric vehicles without interruption. Toyota is also considering supplying EV batteries to its partners.
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