Toyota Will Spend $3.4 Billion Through 2030 to Make Automotive Batteries in the U.S.
October 18, 2021
Toyota Motor’s North American unit said Monday it will invest about $3.4 billion (380 billion yen) on U.S. automotive battery development and production in the United States through 2030. The world’s largest automaker by volume also said it plans to establish a new company and build a new U.S. automotive battery plant together with Toyota Tsusho, the automaker’s metals trading arm and a unit of the Toyota Group. The new plant, which includes a planned $1.29 billion Toyota investment through 2031, aims to start production in 2025 and is expected to create 1,750 new U.S. jobs.