Toyota makes US battery push

Share
1 min read
Toyota will pour $13.1 billion into the development and supply of batteries for electric vehicles. AFP
Share
  • Toyota has unveiled plans to invest $3.4 billion into automotive batteries in the United States
  • As part of the plan, it will build a factory in the country for production of such batteries

The world’s biggest carmaker Toyota unveiled plans on Monday to invest $3.4 billion into automotive batteries in the United States and build a factory in the country for their production.

The 10-year investment is part of a project announced last month by the Japanese firm to pour 1.5 trillion yen ($13.1 billion) into the development and supply of batteries for electric vehicles as it pushes to make its production carbon-neutral.

“Toyota’s commitment to electrification is about achieving long-term sustainability for the environment, American jobs and consumers,” said Ted Ogawa, chief executive officer at Toyota Motor North America.

The company did not specify further details such as a site and production capacity but said it would establish a new company for the US project.

In June, Toyota said it aimed to make its production carbon-neutral by 2035, replacing the previous target date of 2050.

Toyota is a pioneer of hybrid vehicles and autos using hydrogen fuel and is also stepping up its development of battery-powered electric cars.

Last year, Japan’s former prime minister Yoshihide Suga set a 2050 deadline for the world’s third-largest economy to become carbon neutral, significantly firming up the country’s climate-change commitments.

The nation has struggled to cut carbon emissions after shutting down reactors following the 2011 meltdown at the Fukushima nuclear power plant.

SPEEDREAD


Today's Headlines

The most important news stories of the day, curated by Post editors and delivered every morning.

Please enable JavaScript in your browser to complete this form.

By signing up you agree to our Terms of Use and Privacy Policy.

MORE FROM THE POST