Toyota to Invest 7.5 Trillion Won in Battery Production in the US and Japan
[Asia Economy Reporter Kiho Sung] Toyota Motor Corporation announced on the 1st that it will invest up to 730 billion yen (approximately 5.6 billion dollars, about 7.5359 trillion won) in the United States and Japan, aiming for production from 2024 to 2026 to supply batteries for electric vehicles.
This investment aims to increase production capacity by up to a total of 40GWh in the United States and Japan. By region, approximately 400 billion yen will be invested in the Japanese plant, and about 325 billion yen (approximately 2.5 billion dollars, 3.3642 trillion) will be newly invested in the U.S. plant to strengthen vehicle battery production.
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In addition, including the supply of automotive batteries from partner companies, Toyota plans to continuously build a supply system that can steadily respond to the increasing demand for electric vehicles (BEV) in each region.
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