Toyota will invest 3.4 billion in the development and production of batteries by 2030. This statement was made by the CEO of Toyota Motor's North America, who summarized the plans for the replacement of electric vehicles in the world and the changes to be made in this direction.
To manage the process, the world's largest automaker plans to start a new company and build a factory for car batteries in America. Toyota Tsusho and Toyota Group members will be involved in the implementation of the project.
The new factory, for which Toyota has invested $ 1.29 billion, will open in 2025 and is expected to create 1,750 new jobs in the United States. Toyota plans to disclose production volume, business structure and factory location in the near future.
The largest Japanese automaker said in September that its goal is to reduce battery costs by 30% or more. The company plans to achieve this by processing the materials used and structuring the battery elements.
"The new company will initially focus on the production of hybrid car batteries. The investment will help bring more affordable electrified vehicles to the United States,” said Ted Ogawa, CEO of Toyota North America.
Recently, car manufacturers around the world are spending billions of dollars to boost the production of batteries and electric vehicles. The reason for this is the environmental regulations that are being tightened day by day in the world.
For example, in August 2021, the President of the United States, Joe Biden, signed an ordinance stating that by 2030, half of all new cars sold in America must have zero emissions.
In response, the largest automakers said they had already begun work to increase the annual volume of electric vehicles in the United States by 40-50%.
In response to the changes, Toyota announced last month that it is looking forward to getting involved in the process and making half of the cars it manufactures electric.