Photo credit: Hilary Halliwell
Toyota Motor Corp has decided to invest up to ¥730 billion (approximately $5.6 billion) in Japan and the United States toward supplying automotive batteries for battery electric vehicles (BEVs). Because of the growing BEV demand, battery production will begin between 2024 and 2026. This investment aims to enable 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 strengthen its competitiveness further and invest in the training of personnel engaged in battery production and the passing down of monozukuri manufacturing skills.
In Japan, approximately ¥400 billion will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co, Ltd (PPES) and in Toyota plants and property. In the United States, approximately ¥325 billion (roughly $2.5 billion) will be invested in Toyota Battery Manufacturing, North Carolina (TBMNC; 90% owned by Toyota Motor North America Inc and 10% by Toyota Tsusho Corp) to increase 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.
Toyota believes that there is more than one option for achieving carbon neutrality. Moreover, reducing CO2 emissions while protecting its customers’ livelihood varies greatly depending on the country and region. With such in mind, Toyota will continue to make every effort 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. (Story courtesy of Toyota Global)