Toyota to Invest 7 Trillion Won in Electric Vehicle Battery Production in the US and Japan

[Image source=Yonhap News]

[Asia Economy Reporter Kwak Min-jae] Toyota Motor Corporation of Japan is investing up to 730 billion yen (approximately 7.1 trillion KRW) to expand its battery production capacity for electric vehicles (EVs).

According to the Nihon Keizai Shimbun on the 31st, Toyota will invest 400 billion yen in its domestic factory in Himeji City, Hyogo Prefecture, which is jointly funded with Panasonic, Japan's largest battery company, and 325 billion yen in the United States.

Toyota plans to reach a battery production capacity of up to 40 GWh (gigawatt-hours) in both the United States and Japan. Toyota expects battery production at these factories to begin between 2024 and 2026.

Toyota aims to launch a total of 30 electric vehicle models by 2030 and sell 3.5 million units annually. Toyota holds the most patents in the field of next-generation battery technology for electric vehicles, known as 'all-solid-state batteries.'

This content was produced with the assistance of AI translation services.