Toyota focuses on EV batteries, will invest $5.6 billion

Toyota has earmarked an investment of $5.6 billion in Japan and the US for EV battery production.
By : HT Auto Desk
| Updated on: 31 Aug 2022, 14:35 PM
Despite being a late entrant, Toyota is betting big on electric vehicles.
Despite being a late entrant, Toyota is betting big on electric vehicles.
Despite being a late entrant, Toyota is betting big on electric vehicles.
Despite being a late entrant, Toyota is betting big on electric vehicles.

Several automakers around the world have been increasingly focusing on battery production for their future range of electric vehicles. Toyota too, is no different, and the Japanese automaker has decided to invest $5.6 billion in Japan and the US to boost the production of batteries for electric vehicles.

(Also Read: Toyota Hilux vs Toyota Fortuner, India pricing compared: Which one suits you?)

The automaker on Wednesday said that production is set to start between 2024 and 2026. In Japan, a $3 billion investment will go into the Himeji Plant of Prime Planet Energy and Solutions Co., as well as in Toyota plants and property. In the US, about $2.5 billion will be invested in Toyota Battery Manufacturing in North Carolina, claimed the automaker.

Similar Cars

Find More Cars
Toyota Glanza (HT Auto photo)
Toyota Glanza
1197 cc | Petrol | Manual | 21.01 kmpl
₹7.18 - 9.45 Lakhs**Ex-showroom price
Honda Amaze (HT Auto photo)
Honda Amaze
1199 cc | Petrol | Manual | 18.6 kmpl
₹6.32 - 11.15 Lakhs**Ex-showroom price
Ford Aspire (HT Auto photo)
Ford Aspire
1194 cc | Petrol | Manual | 18.5 kmpl
₹7.24 - 8.73 Lakhs**Ex-showroom price
Ford Freestyle (HT Auto photo)
Ford Freestyle
1194 cc | Petrol | Manual | 18.5 kmpl
₹7.27 - 9.03 Lakhs**Ex-showroom price
Mahindra E2o-plus (HT Auto photo)
Mahindra E2o-plus
Electric | Automatic
₹7.34 - 9.57 Lakhs**Ex-showroom price
Honda Jazz (HT Auto photo)
Honda Jazz
1199 cc | Petrol | Manual | 16.6 kmpl
₹7.48 - 10.17 Lakhs**Ex-showroom price

Being one of the major players in the greener powertrain solutions, Toyota has scored success with the Prius and other hybrid models as well. However, despite being successful with hybrid vehicles, Toyota lagged on the electric vehicle front. Now, as the global demand for electric vehicles is rising and expected to grow in the coming years significantly, the automaker doesn't want to stay behind in the race. The plan of investment in EV battery manufacturing comes as part of that strategy.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

Earlier this week, Japanese auto major Honda Motor Co. announced with major South Korean battery maker LG that they were investing $4.4 billion in a joint venture in the US to produce batteries for Honda electric vehicles in the North American market, with mass production of advanced lithium-ion battery cells to start by the end of 2025.

First Published Date: 31 Aug 2022, 14:35 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city